I am pleased to report that 2018 was a year of major achievement for Unitronics. The company met a number of goals, while receiving marks of recognition regarding the company’s merit, value, and accomplishments.
During 2018 Unitronics started a spinoff process which has just recently completed, of its automated solutions segment (comprising the development, construction and maintenance of autonomous parking facilities as well as the construction of automated logistics centers through the Company and the subsidiary Unitronics Automated Solutions Ltd.) to the fellow subsidiary Utron Ltd. (“Utron”) and the listing of the securities of Utron. Trading in shares of Utron has begun on March 14, 2019, and anyone who on March 10, 2019 held one share of Unitronics (provided they did not purchase the share on that day), received, in the framework of the spinoff, in addition to the Unitronics share held by them, one share of Utron.
We believe the split will enable managerial focus in the PLC segment on the relevant growth engines, the expansion of activity in the target markets and an improvement in profitability, in cash flows and in all the financial performance indicators. The split and the resulting focus on the PLC segment will improve the company’s positioning in the capital market, inter alia as a profitable company over time with the capacity to distribute dividends. Likewise, the spin- off of the automated solutions segment to a fellow subsidiary will enable its management to focus on the U.S. market and on strengthening its position as a market leader, as well as establishing strategic partnerships and positioning the company as a leading pioneering technology growth company.
After 30 years as the CEO of Unitronics I am proud and pleased to congratulate Mr. Amit Harari on his promotion to Unitronics’ new CEO. Amit led Unitronics’ PLC’s division with great success as VP for the last eight years and I am confident that he will be very successful in his new position and will take Unitronics to new heights. I will serve as co-chairman of Unitronics in parallel to my new position as CEO of Utron.
Haim Shani, CEO