News
MP MENASHE, Israel – Weaker U.S. revenues and several one-time write-offs led to a significant second-quarter loss for Caesarstone Ltd. (NASDAQ: CSTE) The surfaces producer declared a $46.9 million operating loss for the second quarter as it dealt with a softer remodeling/renovation market and several financial housecleaning measures. Worldwide company revenues were $143.6 million, down 20.3% from the same period in 2022. A large segment of that loss came with one-time charges from the closure of its Sdot-Yam, Israel, factory, with $23.6 million in costs.
BAXTER, Tenn. – Portobello Grupo put its new ceramic production plant here into operation in late July -- its first outside Brazil. The 986,000 ft2 facility sits on 95 acres and is equipped with cutting-edge technology and machinery including the ability to reduce CO2, NOx and HCL emissions. It also recycles/reuses 100% of the water needed for production. In its initial phase the plant has an annual production capacity of 38 million ft2 and has generated more than 200 local jobs.