Armoured products maker Rabintex Industries Ltd. has sold its armoured glass operations to an unknown buyer in an agreement that the goodwill, customer and supplier data, as well as leasing rights to …
Armoured products maker Rabintex Industries Ltd. has sold its armoured glass operations to an unknown buyer in an agreement that the goodwill, customer and supplier data, as well as leasing rights to a glass factory in Ashdod. The sale does not include inventory, employees, existing orders, and operations related to its ballistic helmet visors. The buyer will pay NIS 2.7 million for the operations, with NIS 250,000 paid at signing, and the remaining NIS 2.45 million when the deal is closed, when Rabintex will also sell the inventory of the operations to the buyer at cost. In the third quarter of 2008, Rabintex expects to record a capital loss of NIS 2 million on the sale of the operations. Rabintex will have to terminate the employment of 21 workers when the deal is completed, but the deal sets out that the buyer will make every effort to hire most of the employees, based on terms the buyer sets out.