"Sales in Israel for 1998 to reach $200 million."
International Hewlett Packard announced today the forming of a subsidiary in Israel, HP, under its full ownership. The company was founded on the basis of the CMS computers and measurements company, which has been Hewlett Packard’s representative in Israel since 1984, and which was acquired a month ago by The Israel Corporation for $19 million.
During a press conference held today in Tel Aviv, Hewlett Packard Europe international sales manager Bernhard De Valance, said that in 1998 sales of all HP products amounted to $190-$200 million. De Valance said: "Rapid changes in the economy and developments in Israel’s technology and innovations, brought us to the conclusion that HP’s direct presence in Israel has become necessary."
CMSH CEO Gil Vieser, who will also serve as the CEO of HP Israel, said the new company would cooperate with Israeli high tech companies, and would take advantage of its connection with its parent company, to help market its products worldwide.
Published by Israel's Business Arena July 2, 1998.