Sarine Completes Purchase of GCAL
By Rob Bates | May 10, 2023
"On May 9, Sarine Technologies completed its previously announced acquisition of the Gem Certification & Assurance Lab (GCAL).
What is currently Sarine North America will merge with GCAL to form a new entity, GCAL USA, which will be controlled by the Sarine Group.
The Israeli equipment manufacturer owns 70% of the New York City–based GCAL USA, for which it paid $5.65 million, it said.
GCAL’s principals will continue to run the lab for at least three years, and after that, Sarine will have the option to acquire the entire lab, it said in a filing, which also said the merger will boost the Sarine Group’s profitability by some 7% on a pro forma basis.
In a statement, GCAL USA president Angelo Palimieri said that by using Sarine’s artificial intelligence–based grading, GCAL will be able to ... "
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