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IMI agrees with Finance Ministry on recovery plan.
(From Israel Business Arena)
Byline: Dror Marom
In talks at the end of last week between Israel Military Industries (IMI) management, the Ministry of Finance, and the company workers, a breakthrough was achieved that will enable a new recovery plan to be implemented.
The company has been through several such recovery plans in the past decade. The current plan includes a NIS 1.3 billion state financial injection.
It was agreed in the talks that IMI would sell enterprises that are not part of its core business. Ramat Hasharon-based Re'em Electronics, which manufactures electronics components, will be closed. The Academy for Advanced Security and Anti-Terror Training will be sold, as will the Aircraft Systems Division and Hancal Systems Engineering.
The Kiryat Shmonah-based Magen light weapons factory will also be sold soon. Before its sale, however, a general evaluation will be conducted on the sale procedure, and the consent of the workers will be obtained.
It was agreed that 900 of the company's 3,750 employees would be laid off: 400 by the end of the year and 500 more in 2003-2004.
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