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Article: Koor offloads Phoenicia Glass quarter share. (Koor Industries, Phoenicia Glass Works)
- Article from:
- Israel Business Today
- Article date:
- January 18, 1997
CopyrightCOPYRIGHT 1997 Israel Business Today. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Koor Industries has announced that it has agreed to sell a 25.1 percent interest in wholly-owned subsidiary, Phoenicia Glass Works, to Canadian Consumer Packaging Inc. (CPI) for $4.35 million.
The partnership agreement, which mark's CPI's first venture into the Middle East, follows the Canadian company's decision to upgrade the geographical span of its activities to other countries.
CPI, which is the only manufacturer of glass containers in Canada, recently announced a new strategy aimed at turning CPI into a multinational corporation.
The deal with Koor also follows the acquisition by CPI, in partnership with Owens-Brockway Glass ...