Ormat Industries Ltd. (TASE:ORMT) today inaugurated a new wing at its Yavne plant. The new area covers 7,200 square meters and $10 million was invested enabling the company to double its production capacity. Ormat has hired 140 new employees for the expanded factory, increasing its workforce by 30%.
Ormat's factory in Yavne manufactures parts for geothermal and renewable energy power plants.
Guests at the inauguration ceremony included Minister of National Infrastructures Uzi Landau, high-tech entrepreneur Yossi Vardi, who is a close friend of Ormat Group controlling shareholders Yehudit and Yehuda Bronicki and industrialist Dov Lautmann, another close friend. Also in attendance was Yavne Mayor Zvi Gov-Ari.
The launching of Ormat's new factory demonstrates the company's strength at a time when the world is still in recession, unemployment is high and the weak dollar is harming Israeli exports. Two years ago when the project was begun the Bronickis were in a struggle to retain control of the company.
Ormat Industries share rose 0.95% by the afternoon to NIS 31.80.
Published by Globes [online], Israel business news - www.globes-online.com - on September 22, 2009
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