(Plastemart) -- The board of directors of Israel Petrochemical Enterprises Ltd has approved the sale of a 45% stake in its Avgol Ltd subsidiary to London-based private equity company Ethemba for USD106.8 million. An additional payment of USD16 million has been agreed to by the parties dependent on 2013 results.
Following the sale IPE will control 21% and the remainder is traded on the Tel Aviv Stock Exchange.
Israel Petrochemical Enterprises Ltd. (IPE) is a public holding company whose shares are listed on the Tel Aviv Stock Exchange. Avgol is a global leader in the nonwoven fabrics industry with manufacturing facilities in Israel, China, Europe and the US. Avgol manufactures and supplies nonwoven fabrics mainly for hygiene applications, such as diapers for infants and adults, feminine hygiene products and more.
MRC