Israel Corporation: Difference between revisions
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| net_income = {{profit}} [[New Israeli Shekel|₪]] 681 million (''2007'') |
| net_income = {{profit}} [[New Israeli Shekel|₪]] 681 million (''2007'') |
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| num_employees = 25 |
| num_employees = 25 |
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| subsid = [[Israel Chemicals]] Ltd., [[Oil Refineries Ltd]], Tower Semiconductor |
| subsid = [[Israel Chemicals]] Ltd., [[Oil Refineries Ltd]], [[Tower Semiconductor]], [[Better Place]], [[Zim Integrated Shipping Services]] |
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| homepage = [http://www.israelcorp.com/ www.israelcorp.com] |
| homepage = [http://www.israelcorp.com/ www.israelcorp.com] |
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* [[Israel Chemicals]] Ltd. |
* [[Israel Chemicals]] Ltd. |
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* [[Oil Refineries Ltd]] |
* [[Oil Refineries Ltd]] |
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* Tower Semiconductor Ltd |
* [[Tower Semiconductor]] Ltd. |
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* [[Better Place]] |
* [[Better Place]] |
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* [[Zim Integrated Shipping Services]] |
* [[Zim Integrated Shipping Services]] |
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Revision as of 10:47, 15 July 2011
 | |
| Company type | Public |
|---|---|
| TASE: ILCO | |
| Industry | Oil, Shipping, Energy, Chemicals and Transportation |
| Founded | 1968 |
| Headquarters | , |
Key people | Idan Ofer (Chairman of the board, Nir Gilad and CEO) |
| Revenue |  ₪ 43.9 billion (2007) |
| ₪ 681 million (2007) | |
| ₪ 681 million (2007) | |
Number of employees | 25 |
| Subsidiaries | Israel Chemicals Ltd., Oil Refineries Ltd, Tower Semiconductor, Better Place, Zim Integrated Shipping Services |
| Website | www.israelcorp.com |
Israel Corporation (“Israel Corp.”) (החברה לישראל Hebrew) is Israel’s largest holding company - a global player with 50% of its manufacturing activities and close to 70% of its consolidated revenues derived from worldwide operations. Its core holdings focus on industries that meet basic human, industrial and economic needs: fertilizers and specialty chemicals, energy, shipping and transportation.
— Israel Corp., Ltd. [1]
Israel Corp is a constituent of the TA-25 Index of leading shares of the Tel Aviv Stock Exchange additionally, two of its major holdings, Israel Chemicals and Oil Refineries Ltd are also constituents of the TA-25 Index. [2]
History
The Israel Corp was founded by the late Shaul Eisenberg in 1968, who was one of the first strategic foreign investors in Israel's history, under the initiative of the then Minister of Finance, Pinchas Sapir of the Israeli Labor Party, who changed the Encouragement of Capital Investments Law to attract foreign investment. The change ensured that the company’s owners were exempt from taxes for 30 years and received other benefits. [3] Shares of the company were offered to the public in 1969, 1970, 1974 and 1982, and the company was listed on the Tel Aviv Stock Exchange in 1982. After Shaul Eisenberg death in 1998 the Eisenberg family sold the control of the company to the Ofer family.
As of December 31, 2007, 55% of the equity of the company was held by the Ofer Brothers Group, 18% by Bank Leumi and the remainder by the public. [4]
Major Holdings
- Israel Chemicals Ltd.
- Oil Refineries Ltd
- Tower Semiconductor Ltd.
- Better Place
- Zim Integrated Shipping Services
Criticism
The Israel Corporation has been the focal target of a recent documentary examining the influence of big-business on Israeli politics. The movie - "The Shakshuka Method" - chronicles the history of the company, and how it had allegedly benefited from a "revolving-door" practice between the public and the private sector, from its extensive network of connections in Israel's political system and economic circles, and from a high degree of influence on local media to squelch potential criticism. Among the major allegations presented by the film was the Bazan sale incident, in which the company's stake in the country's largest oil refinery was bought out by Israel's treasury, for what many considered to be an overvalued sum, especially since Israel Corp. was bound by an agreement to return its holding of Bazan to the state without compensation. The film helped raise a controversy over the subsequent hiring of Nir Gilad, formerly Israel's Accountant General who signed the deal with Israel Corp, to be the company's CEO. The company had allegedly blocked the film from being broadcast on any of Israel's commercial TV channels, and it was finally broadcast on the public channel 1 after a long media campaign, and over a year in which it had been restricted to screenings in small community cinemas and cinematheques.
External links
References
- ^ "Israel Corp, Ltd. home page". Retrieved 2009-10-15.
- ^ TASE Market Cap Indices - TA 25, retrieved 2009-10-07
- ^ Globes – “60 most important economic events in Israel’s history” In Hebrew, retrieved 2009-10-07
- ^ Israel Corp - Company History, retrieved 2009-10-07
