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December 08, 1995 - Image 53

Resource type:
Text
Publication:
The Detroit Jewish News, 1995-12-08

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

Gordon's

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Israeli Firm
Invests In Hungary

Budapest (JTA) — Securing a base
for its operations in Eastern Eu-
rope, the Israeli pharmaceutical
firm Teva has purchased a major-
ity stake in the Hungarian firm
Biogal Pharmaceutical Co.
Under the terms of the deal,
finalized over the weekend, Teva
purchased a 78 percent share of
the mostly government-owned
Biogal for $26 million from the
Hungarian State Privatization
and Holding Co. Ltd. and the
Hungarian Credit Bank.
The transaction was complet-
ed after five years of negotiations
with the Hungarian government
in what Andre Friedman, a
lawyer representing Teva, de-
scribed in an interview as some
of his "hardest-ever bargaining."
After Israel and Hungary re-
newed diplomatic ties in 1989,
Israeli firms have invested more
than $200 million in Hungary.
Company officials said Teva,
which has previously invested in
a German chemical plant, will
use the Biogal plant as a base of
operations in Eastern Europe,
where they will build upon Bio-
gal's existing product line as well
as introduce new Teva products,
such as Compaxone, a drug to
fight multiple sclerosis.
Israel Makov, vice president
of Teva, said the company is also
interested in investing in the for-
mer Soviet Union, particularly
in the Belarus market.
Located in Debrecen, in east-
ern Hungary, Biogal had a net
income of $1.7 million during the
first nine months of 1995. Its net
income in 1994 was $5.4 million.
Teva, which is listed on the Is-
rael Stock Exchange and on the
NASDAQ in the United States,
had a 1994 profit of $71.6 million,
which included overseas sales of
$587 million.

Arafat Secures
Investment Pledge

Bonn (JTA) — Palestine Liber-
ation Organization leader Yas-
sir Arafat has secured a pledge
from German officials that they
would provide guarantees to fos-
ter private investments in the
self-rule areas of the Gaza Strip
and the West Bank.
Germany, encouraged by Is-
raeli officials, has contributed
more than $180 million during
1994 and 1995 to Palestinian de-
velopment programs.
At a meeting with German
Foreign Minister Klaus Kinkel,
Arafat sought support for three
large -scale projects in Gaza — an
industrial park, an airport and a
deep-water seaport — to help re-
duce Palestinian unemployment.
Mr. Arafat and Mr. Kinkel
ARAFAT page 54

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