Israeli Collaboration Finalised

Koor Industries has agreed to sell a 25.1% share in its subsidiary Phoenicia Glass Works of Israel to Consumers Packaging Inc of Canada. The partnership arrangement is Consumers first venture into the Middle East and part of its strategy of increasing its worldwide operations. Negotiations for the deal took 18 months and a final price set at US$4.35m. Under the terms of the agreement Consumers will provide Phoenicia, which is based in Yeruham, with technical assistance to help the company to increase its market share and widen its product range. (whole item)