MENASHE, Israel--(BUSINESS WIRE)--Kibbutz Sdot-Yam, the founder and largest shareholder of Caesarstone Sdot-Yam Ltd. (NASDAQ:CSTE) (“Caesarstone” or the “Company”), owning approximately 32.4% of the Company’s outstanding shares, today issued the following statement:
“We are disappointed with the outcome of the vote in which our two independent candidates were not elected to the board of directors. We wish to thank Amnon Dick and Itzick Sharir for their willingness to offer their services to Caesarstone, and we have no doubt that they would have contributed a great deal to the success of the Company. As the Company’s largest shareholder, we continue to have a strong interest in the Company’s success, and we are ready to work with the newly constituted board to instill the highest standards of good corporate governance at Caesarstone.
“We wish to thank the many shareholders of Caesarstone with whom we met for their time, attention and interest. We also want to assure you all that we heard your message to us – that Caesarstone’s board ultimately needs a fresh outside perspective from independent board members with experience in the Company’s largest growth markets. We stand ready to work together with management to meet this need, and we are prepared to work cooperatively with our fellow directors and shareholders to ensure that Caesarstone has a strong, independent and talented board for the mutual benefit of all its shareholders.”
Founded in 1937 near Haifa, Israel, Kibbutz Sdot-Yam, today based in Caesarea, is the largest shareholder of Caesarstone Sdot-Yam Ltd. (CSTE), with approximately 32.4% of the shares in the Company. Initially formed as a fishing and agriculture enterprise, the Kibbutz Sdot-Yam expanded to encompass industrial enterprises, including Caesarstone, a global leader and pioneer in quartz surfaces for a variety of uses and applications such as kitchen countertops, bathroom vanities, flooring, wall cladding and more. Launched by Kibbutz Sdot-Yam in 1987, Caesarstone products are available in more than 40 countries around the world.