BREAKING NEWS

Israel Military Industry privatization tender to be published

MARCH 4, 2015 20:01

The Finance Ministry will publish a tender for the sale of Israel Military Industries on Thursday, starting the process of its privatization.

The company will be sold as one entity but, in accordance with government decisions, a new state-owned company to be called Tomer will maintain the secret and classified elements of the company. The company will also have to move to the Negev to free up prime real estate in 2020.

In preparation for the privatization, the government let go of some 1,170 employees (with early retirement packages), while another 950 will be let go as part of the privatization, in accordance with collective labor agreements.

The state expects to complete the sale by the end of 2015.

The sale will be open to Israeli companies or Israel-based companies, but also to foreigners who hold up to 90% stake in an Israeli company.

In 2014, investment bank Stifel Nicolaus and Leumi Partners were selected to assist in the sale.

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