The board of directors of Israel Petrochemical Enterprises Ltd has approved the sale of a 45% stake in its Avgol Ltd subsidiary to London-based private equity company Ethemba for US$106.8 million, as per Platts. An additional payment of US$16 million has been agreed to by the parties dependent on 2013 results. Following the sale IPE will control 21% and the remainder is traded on the Tel Aviv Stock Exchange.
Avgol is a leading global producer of non woven fabrics for the hygiene industry with manufacturing facilities in Israel, China, Europe and the US. The company is investing $71 million in new production lines in the US and China and has plans to expand into India.
31-Aug-12 
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