On June 30, 2022, FIMI Opportunity Funds acquired a majority stake in Ashot for $84 million.

[4] Ashot Ashkelon was founded in 1951 as Kaiser-Ilin Industries by businessman Efraim Ilin.

[5] Initially as a factory for assembling Kaiser-Frazer cars and Mack Trucks under license; Kaiser-Ilin had two production sites, one in Haifa (which opened in 1951) where the vehicle assembly line was based and one in Ashkelon (which was opened in 1960), for manufacturing spare parts for automotive equipment, gears and metal-working machinery.

[6] During the 1960 the company got into financial difficulties and the vehicle assembly line was closed; the Ashkelon plant continue to operate at a loss.

[8] In 2007, Ashot won a tender to manufacture the Drivetrain and hydro-mechanical suspension enabling cross-country mobility, for both the Merkava Mk.