Clothing Printers Company Kornit Digital to Build New Ink Factory
Israel-based Kornit plans to invest $17.4 million to set up a new manufacturing facility
Kornit Digital Ltd., an Israel-based maker of industrial inkjet printers for the garment industry, plans to invest NIS 62 million ($17.4 million) to set up a new factory in Israel, a company spokeswoman confirmed to Calcalist Wednesday.Founded in 2002, Kornit went public in 2015, raising $71 million on a $305 million valuation. The company published its full-year results for 2018 and reported a 26.2% year-over-year increase in quarterly revenues to $37.8 million in the final quarter of 2018.
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Based in the northern Israeli town of Rosh HaAyin, Nasdaq-listed Kornit manufactures industrial inkjet printers, pigmented ink, and related chemical products. One of its main customers is Amazon, which also holds a 7% stake in the company.
The new factory, to be located in Kiryat Gat, a town in southern Israel, is expected to produce the ink for the company's digital printing systems, a company spokeswoman told Calcalist.
A Kornit Digital printer. Photo: PR
Chipmaker Intel employs approximately 4,000 people in its facility in the same small town.
The new factory is expected to be operational by April 2020. It will span 6,800 square meters.
280 of the company’s 450 employees work in Israel.