Makhteshim Agan Industries Ltd. (TASE: MAIN) management and the workers committee, together with senior Histadrut (General Federation of Labor in Israel) officials, began intensive negotiations at 10 pm yesterday over the streamlining plan that will probably be implemented as part of the likely sale of the company to China National Chemical Corporation (ChemChina). The sale is reason for the labor dispute at Makhteshim.
The parties are discussing, among other subjects, the possibility of voluntary retirement by a substantial part of Makhteshim's workforce. Such an option has been under discussion for a long time, but the number of employees who will be included in the arrangement is not known.
The parties reported good progress in the negotiations, and said that an agreement at this stage was definitely "achievable". The parties will reportedly strike a deal by this evening at the latest.
Nochi Dankner-controlled IDB Holding Corp. Ltd. (TASE:IDBH), the controlling shareholder in Makhteshim, is being represented by VP Haim Gavrieli and other executives at the talks in Tel Aviv.
Agan Chemical Works workers committee chairman Ovadia Levy told "Globes" that the plan under discussion calls for voluntary retirement over several years by employees over the age of 57. This means 100 employees at the Agan Chemical Works factory in Ashdod, and another 100 employees at Makhteshim's Ramat Hovav factory. The parties have not yet agreed to the structure of the deal, which is under discussion by the parties' legal teams.
Published by Globes [online], Israel business news - www.globes-online.com - on October 28, 2010
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