The plastic consumer products manufacturer is closing its factory near Karmiel
Plastics manufacturer Keter Group, owned by Sami and Yitzhak Sagol, has closed down its storage products factory in the Teradion Industrial Zone near Karmiel, firing 200 employees 100 of them seasonal workers belonging to a manpower company. The Teradion factory was set up a year ago following expectations of growing demand for storage products. The global crisis hit the company's forecasts, with 90% of output designated for export, and has resulted in the factory's closure, with manufacture of storage products now limited solely to Keter's main plant in Karmiel.
Keter has about 2,000 employees at 13 manufacturing locations and two offices in Israel. Sales in 2008 are not expected to exceed last years total, and are forecast to reach $1.1 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on November 23, 2008
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