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Kibbutz Yizrael to Lose Control of Mitronics After 98% Stock Value Drop
Mitronics, a pool cleaning robot company controlled by Kibbutz Yizrael, is negotiating a sale to FIMI after its stock lost 98% of its value since the COVID-19 peak. The company once dominated the global market but faced post-pandemic challenges including excess inventory and competition.
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What happened
- 01Mitronics shares halted pending a material event report amid ownership transfer talks.
- 02Kibbutz Yizrael owns 56% of Mitronics, now valued at 187 million shekels.
- 03Mitronics peaked at 9.1 billion shekels during the COVID-19 pandemic.
- 04Post-pandemic, excess inventory and cheap Chinese competitors hurt sales and profits.
- 05Each kibbutz member’s share value dropped from 17 million to 300,000 shekels.
- 06Mitronics implemented cost-cutting and investment plans to regain market relevance.
Trading was halted pending a material event report, signaling a major ownership change.
The coverage
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