The company has decided to enter into strategic cooperation with a large US refrigerator manufacturer.
Amcor's board of directors decided at the end of the week to relocate its Tel Aviv refrigerator plant to the Ha'ela Valley. The 25 dunam (6.1 acres) plot on Yigal Alon Street in Tel Aviv will be put up for sale for the construction of offices and high-tech, and it is estimated that it will be sold for $40-50 million.
At the same time, the company has decided to enter into strategic cooperation with a large US refrigerator manufacturer. Amcor will first purchase knowhow from the US company, and in the second stage will sell it shares of the company in Israel. Amcor is currently owned by the Shlomi and Asher Fogel family.
Amcor general manager Haim Shulman told "Globes" the company will invest $9-10 million in setting up the new plant.
The Yigal Alon plot in Tel Aviv is regarded as one of the most desirable plots for building offices and high-tech premises, since the area has become the city's leading offices center in recent years. Amcor currently manufactures 40,000 refrigerators a year, and the company plans a 50% increase within three years.
Published by Israel's Business Arena on January 2, 2000