FIMI buys Teva plant in Kiryat Shmona

Ishay Davidi  photo; Tamar Matsafi

FIMI is paying $47.5 million for the Migada plant, which produces equipment to protect against hazardous pharmaceuticals.

As revealed by "Globes", FIMI Opportunity Funds, controlled by Ishay Davidi, is buying Teva Pharmaceutical Industries Ltd.'s (NYSE: TEVA; TASE: TEVA) Migada plant in Kiryat Shmona for $47.5 million.

The plant (the business unit Tevadaptor), which in the past was valued in the tens of millions of shekels, is one of the sites that Teva put up for sale as part of the aggressive streamlining plan it presented in December 2017.

Migada was set up in 2005 to produce a medical device designed to protect medical staff (doctors, nurses and pharmacists) from exposure to hazardous materials when preparing drugs and treating patients. It employs some 200 people in producing advanced systems mainly used in preparing and administering oncological treatments. The unit's products are sold in more than twenty countries.

Teva said that it had succeeded in ensuring continued employment for the plant's workers. "Under the agreement the acquiring company will not only absorb the employees but will also maintain their employment conditions, including pay, social rights, and benefits, for the period of the collective agreement signed within the past few days. In addition, Teva will pay the workers a graduated special acquisition bonus, in accordance with length of service, among the most generous ever paid in the Israel economy."

Teva is due to release its financial statements for the fourth quarter of 2018 and 2018 as a whole this week.

Published by Globes, Israel business news - en.globes.co.il - on February 10, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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Ishay Davidi  photo; Tamar Matsafi
Ishay Davidi photo; Tamar Matsafi
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