Israel Military Industries moving ahead with privatization

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

March 5, 2015 03:29
Israel Military Industries

Israel Military Industries logo. (photo credit: Courtesy)

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 cabinet decisions, a new state-owned company to be called Tomer Systems will maintain the secret and classified elements of the firm. IMI will have to move to Ramat Baka in the Negev to free up prime real estate starting in 2020.

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In preparation for the privatization, the state let go 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 that hold at least a 90 percent stake in an Israeli company.

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

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