Mordechai has sold the balance of its
shares in Teva Naot
Most of the shares of the shoe factory were sold in 2006. Now the kibbutz has completed
the sale of the remaining shares at a value of 300 million shekels. The shares
were sold to the company's largest distributor in the U.S.A. The exit will
provide a substantial profit for the members of the kibbutz.
generates sales of nearly 300 million shekels per year, 75 % of the
sales are made abroad, especially in the
U.S., but also in Germany , Australia and Canada . The company owns sixty
branded stores and there are numerous points of sale not owned by the company.
Givat Oz and a group of investors have sold Arromor to the American company IFF, which is one of
the leading producers of flavors in the world . The deal is worth approximately
$ 88 million and the money has been divided between the investors and the
members of the Kibbutz.
Annual sales of IFF are about $ 3 billion and Arromor is one of its suppliers .
The operations of Arromor Israel will be retained for at least 15 years.
Arromor was established in the early 80s, and financial difficulties caused the
company to search for outside investors. The company is engaged in the
production of cleaning products and cosmetics.