Defense Products Co Rabintex Sells Armored Glass Operations

Date: 28 July 2009
Source: Globes.co.il
When the deal is completed, Rabintex will have to terminate the employment of 21 workers, but the buyer will attempt to hire them.Armored products maker Rabintex Industries Ltd. (TASE: RABN) has sold its armored glass operations.

The company did not name the buyer. The sale covers the goodwill, customer and supplier data, and 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. NIS 250,000 will be paid at signing, and the remaining NIS 2.45 million will be paid when the deal closes. At closing, Rabintex will also sell the inventory of the operations to the buyer at cost.
 
Rabintex expects to record in the third quarter a capital loss of NIS 2 million on the sale of the operations.
 
When the deal is completed, Rabintex will have to terminate the employment of 21 workers. The deal sets out that the buyer will make every effort to hire most of the employees, based on terms the buyer sets out.
 
Rabintex shares rose 3.9% on the Tel Aviv Stock Exchange (TASE) today.

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