Israeli MTI Wireless Edge Ltd leaves the Russian market

The Israeli company MTI Wireless Edge Ltd, engaged in the production of antennas, announced its withdrawal from the Russian market. The share in the Russian division was sold to the manager responsible for work in the Russian Federation.

According to the Interfax agency, in Russia the company operates through Detem RFID equipment, as well as through MTI Summit SPB LLC, which is 99.9% owned by the Israeli MTI Summit Electronics Ltd, another 0.1% – by the general director of LLC Jonathan Cohen.

In 2021, the Russian division of the firm accounted for 6% of revenue and about 5% of net profit. MTI Wireless Edge’s 2021 report shows that the group’s revenue rose 6% last year to $43.2 million, with a net income of $3.7 million.

By Editor

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