Delta Galil Industries' share price dived 11% on the TASE.
Delta Galil Industries Ltd. (Pink Sheet: DELTY; TASE: DELT) has shut down its Egyptian textiles factory for two weeks, because of the difficulty in maintaining regular operations. The plant specializes in high-end products for the global market, and is responsible for 11% of the company's sales, including 9% by the factory itself and the rest by local subcontractors.
Delta said that it could not estimate the extent of the disruption at this time, but that a two-week shutdown should not have material effect on its business. The company added that, if necessary, it would, together with its customers, seek alternative production sites.
Delta's share price fell 11.1% by mid-afternoon on the TASE to NIS 30.15, giving a market cap of NIS 710 million.
Published by Globes [online], Israel business news - www.globes-online.com - on January 30, 2011
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