Magal Expands its Operations Into India Through the Establishment of a Joint Venture
Published on Monday, 02 April 2012 09:41 Written by TradersHuddle Staff
YEHUD, Israel, April 2, 2012 /PRNewswire/ --
Magal Security Systems Ltd. (NASDAQ GMS: MAGS) announces today the formation of a joint venture (JV) company with Veecon Group in India, which will provide Homeland Security (HLS) products and solutions to the Indian market. The foundation for the establishment of the JV between Magal and the Veecon Group was laid through the visionary approach of representatives from both Magal and Veecon, specifically Mr. Dror Harari, VP Sales, Magal and the support of Mr. Jacob Perry, Chairman, Magal and Mr. JK Srivastava, Managing Director, Veecon Group.
Veecon Group is an established player in the Indian security market, focused on scanning and indoor security. The JV will support Magal's existing customer base in India and will seek to capture new business from the many opportunities in this fast growing country.
"India's sheer size and its homeland security challenges offer many opportunities for Magal," commented Mr. Eitan Livneh, President and CEO of Magal S3. "While we have been successful in India in the past, winning strategic projects such as the Indira Gandhi International Airport, we believe that a local presence is a key strategic step which will enable us to further expand our business and provide better support for both our current and future customers."
Mr. JK Srivastava, MD of Veecon Group said: "I am delighted to extend my support for the new opportunity. I am also thankful for the trust that Magal, the global leader in providing security solutions, has in us. We shall be garnering and synergizing our energy, goodwill and extend support for success."
About Magal S3
Magal S3 is a leading international provider of security, safety and site management solutions and products. Over the past 42 years, Magal S3 has delivered tailor-made solutions and turnkey projects to hundreds of satisfied customers in over 80 countries in some of the world's most demanding locations.
Magal S3 offers the broadest portfolio of unique homegrown Perimeter Intrusion Detection Systems (PIDS) as well as Fortis4G - a new generation of cutting edge Physical Security Information Management system (PSIM) with comprehensive CCTV solutions and leading Intelligent Video Analytics (IVA).
About Veecon Group
Veecon is a multi-facet group dealing in broad range of products and services that caters to the sophisticated needs & are used in a substantial number of Industrial sectors, Ports, Homeland Security, Paramilitary, Defence platforms, Civil Aviation Sector, High End Security Equipment & Services, Music & Entertainment, Broadcasting and Energy plants including the alternative energy sources.
This press release contains forward-looking statements, which are subject to risks and uncertainties. Such statements are based on assumptions and expectations which may not be realized and are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may differ from the results discussed in the forward-looking statements. A number of these risks and other factors that might cause differences, some of which could be material, along with additional discussion of forward-looking statements, are set forth in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission.
For more information:
Eitan Livneh, CEO
Assistant: Ms. Elisheva Almog
CCG Investor Relations
Ehud Helft/Kenny Green
Tel: (US) +1-646-201-9246
SOURCE Magal Security Systems Ltd
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