FIMI Fund acquired "Teva-Migada" plant in Kiryat Shemona for $ 47.5 million

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by Ifi Reporter Category:Financial Feb 10, 2019

The FIMI Fund acquired the TEVADAPTOR business unit, which manufactures medical equipment at the Magda plant in Kiryat Shemona, from Teva for $ 47.5 million. Former CEO of Frutarom, Ori Yehudai, will be appointed Chairman of Migda.
TEVADAPTOR was founded in 2005 and has about 200 employees. The plant in Kiryat Shmona deals with the manufacture of medical devices designed to protect the medical staff from exposure to hazardous substances while preparing medicines and treating patients. The company's products are marketed to over 20 countries worldwide.
The FIMI Foundation notes that awareness of the protection of caregivers has been gaining momentum in recent years, and even recently, the United States has passed legislation requiring the use of protective products when dealing with drugs whose exposure may be hazardous to the clinician, especially chemotherapeutic drugs.
Gilon Beck, a senior FIMI partner, said that the investment in TEVADAPTOR is a continuation of FIMI's strategy in identifying companies with significant growth potential. FIMI intends to maximize the significant growth potential it faces and to contribute its knowledge and experience in improving companies and deepening growth to global markets.
"We are pleased to announce that following ongoing negotiations with a number of potential buyers - local and global - the TEVADAPTOR business unit and the Migda plant in Kiryat Shmona are sold to the FIMI Israel Fund, as we have promised the workers since the beginning of the process, In addition, Teva will pay the employees a special graduated sales grant, based on the employee's seniority, of the benefits granted in the economy. "The company will not only receive employees but will also maintain their terms of employment, including salaries, social benefits and benefits.
Last week it was reported that the Histadrut, the management of Teva Migda in Kiryat Shmona and representatives of the workers' union, signed a collective agreement that regulates the terms of employment and wages of the workers and workers after the sale of the plant is carried out. As part of the agreement, it was agreed, inter alia, on a sale grant of up to NIS 60,000 per employee, a three-year employment safety net, "periphery grants" of up to NIS 50,000 per worker and a salary increase of 3% per year.
Teva has signed a new collective agreement at the Teva plant in Kfar Saba, which employs 1,200 people.
TEVADAPTOR, founded in 2005 and employing 200 employees, manufactures medical devices designed to protect medical staff (doctors, nurses and pharmacists) from exposure to hazardous materials, while preparing medicines and treating patients. The company's products are marketed to over 20 countries worldwide.
The FIMI Foundation notes that awareness of the protection of caregivers has been gaining momentum in recent years, and even recently, the United States has passed legislation requiring the use of protective products when dealing with drugs whose exposure may be hazardous to the clinician, especially chemotherapeutic drugs.
"The investment in TEVADAPTOR is a continuation of FIMI's strategy in identifying companies with significant growth potential, and FIMI intends to maximize the significant growth potential it faces and to contribute its knowledge and experience in improving companies and increasing growth to global markets," said Gilon Beck, FIMI Senior Partner.
"We are pleased to announce that at the end of ongoing negotiations with a number of potential buyers - local and global - the TEVADAPTOR business unit and the Migda plant in Kiryat Shmona are being sold to the FIMI Israel Fund." As we have promised the workers since the beginning of the process, In addition, Teva will pay the employees a special rated sales grant, based on the employee's seniority, of the benefits granted to the employees, Economy ".
Last week it was reported that the Histadrut, the management of Teva Migda in Kiryat Shmona and representatives of the workers' union, signed a collective agreement that regulates the terms of employment and wages of the workers and workers after the sale of the plant is carried out. As part of the agreement, it was agreed, inter alia, on a sale grant of up to NIS 60,000 per employee, a three-year employment safety net, "periphery grants" of up to NIS 50,000 per worker and a salary increase of 3% per year.

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