Shamrock, Teva Naot seal deal [pg. 16]

Minister of Industry, Trade and Labor Eli Yishai this week praised Shamrock Holdings for expressing confidence in Israel's economy ahead of the ceremony to mark the investment group's acquisition of a majority stake in Galilee-based comfort footwear manufacturer Teva Naot, which was agreed to in July during the war in the Lebanon. "The commitment of Shamrock Holdings and its broad investments in Israel represent a milestone to encourage additional foreign investors to come to Israel," Yishai said in a meeting with Stanley Gold, president of Shamrock, during his visit to Teva Naot this week. "The fact that Shamrock did not raise doubts over whether to make an additional investment in Israel at the time of the Lebanon war deserves much praise and I do hope that other foreign investors will follow suit and make additional investments in Israel." Despite the shelling of the Galilee, Shamrock Holdings acquired 66 percent of Teva Naot for $30 million and also has an option to increase the holding to 83%. Shamrock, the Disney family's private investment firm, already has investments in Koor Industries Ltd., Tadiran Communications and Orad Ltd. Yishai added that over the past nine months of this year, foreign investment into Israel reached a record level of $8 billion and that there were another 197 requests representing additional investment potential of $6.2b. in the pipeline.