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August 18, 1995 - Image 51

Resource type:
Text
Publication:
The Detroit Jewish News, 1995-08-18

Disclaimer: Computer generated plain text may have errors. Read more about this.

O HOT
A TE S TOISS!
TO IVI

Holding Company
For Israel Aircraft

)

Jerusalem — Israel Aircraft In-
dustries (IAI) along with EATI
(Electronic Associates Technolo-
gies Israel) announced it has
formed a holding company.
EATI, which was created for
this joint venture, is comprised
of the New Jersey-based Elec-
tronic Associates Technologies
(EATI) and Israeli-American pri-
vate investors. The new firm will
develop, produce, market, and
support all civil and commercial
products not within IAI's core
business.
EATI is committed to fund at
least $100 million until 2001 to
implement selected projects. Ini-
tial capitalization for EATI is
$7.5 million, of which EATI will
provide $6 million. The remain-
ing amount will be provided by
the Israeli investment group.
EATI will fund up to $10 mil-
lion for each chosen project and
will provide at least 50 percent
of equity for each spin-off com-
pany.
EATI will own 50.1 percent of
the joint venture while IAI will
own the remaining 49.9 percent.
At this stage, the holding corn-
pany has been established by
EATI alone, pending Israeli gov-
ernment approval of IAI's

The Israeli shareholders group
includes FIBI Holding, Central
Bottling President Moshe
Wertheim, and Moshe Zisser of
the real estate firm Control Cen-
ters. The U.S. shareholders are
the New York-based Broad Cap-
ital, Mark Hauser of Tamarix
Capital, and entrepreneur Irwin
Gross, who will serve as the
firm's chairman of the board dur-
ing the first two years.

Publishing Co.
Buys Papers

Jerusalem — American Pub-
lishing Co. has reached an
agreement in principle to pur-
chase 12 of Thomson Newspa-
pers Corp.'s daily newspapers
and related publications. Amer-
ican Publishing, a subsidiary of
the Canadian-based Hollinger
Inc., is the second-largest news-
paper publishing group in the
United States; its publications
include the Chicago Sun-Times
and the Jerusalem Post.

Tower Records
Shares Sold

Jerusalem — Businessman Leon
Koffler, who represents Super-
pharm in Israel, has sold his 25
percent share in Tower Records
to prevent a conflict of interest
with Blockbuster Video.

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