The book chain Stimatsky will acquire 25% of the commercial activity of a publishing house founded by an employee of the Histadrut. Along with a share in publishing profits, the agreement grants Stimatsky a seat on the publishing board and 25% of the voting power in the authorized institutions of "Am Oved." The agreement does not include the real estate assets of Am Oved.
Am Oved Publishing, under the management of CEO Hanital Suisa, is one of the oldest and leading book publishers in Israel. The publishing house, which began its journey 82 years ago, operated as an organizational branch with the goal of "satisfying the spiritual needs of the working public." It was established on the initiative of Berel Katznelson, who was also its first editor. Among the former heads of the publishing house, we can also mention Moshe Sharett, the second Prime Minister of the State of Israel.
Over the years, Am Oved has published over 5,000 titles in millions of copies. Every year, Oved brings out dozens of new titles in many diverse fields and reprints hundreds of books that have been published in the past and are considered classics of original and translated literature.
CEO of Am Oved Publishing, Hanital Suisa, stated, "Combining forces with the Stimatsky network will help increase the exposure of our books and make them accessible to a wider readership. The team leading the publication today will continue to march towards achievements while maintaining the quality of work that made Am Oved a pillar of Israeli culture. I thank our partners for their expression of trust and am convinced that with joint forces, we will strengthen the glorious legacy of the publisher."
CEO of the Stimatsky chain, Eyal Greenberg, remarked, "Am Oved Publishing is an asset in Israeli culture, which has brought readers the leading works of great writers including Meir Shalev, David Grossman, as well as translations of classics from the world's greatest authors such as Tolstoy and Gabriel Garcia Marquez. I am convinced that together with the experience of Stimatsky, which celebrates its 100th anniversary this year, we will continue to bring innovations and quality literature to the Israeli reader."
Chairman of the Histadrut, Arnon Bar-David, stated, "Am Oved is an asset of Israeli culture, and I am proud of the Histadrut's contribution to deepening the spiritual world and encouraging local creativity. The collaboration with the Stimatsky network is based on shared values of the love of books and is intended to increase accessibility to the literary treasures of a working people."
Chairman of the Board of Directors of "Am Oved" publishing house and CEO of the Histadrut, Dudu Bezalel, remarked, "Am Oved is at the forefront of the industry in Israel today, and the publisher's books have a place of honor on the bookshelves of hundreds of thousands of homes in Israel, starting with children's classics, such as Raspberry Juice and the scatterbrained from the village of Azar, to the best sellers of the best creators in Israel and the world. The entry of the Stimatsky chain into partnership with the publisher will help strengthen the cultural enterprise of a working people and pave the way to reach new audiences."