JTA NEWS
15 August 2018 - 5 Elul 5778 - ה' אלול ה' אלפים תשע"ח
JTA NEWS :
Business
IDE Technologies acquires stake in Sorek desalination plant E-mail

Israel’s desalination company IDE Technologies is strengthening its grip on the water desalination sector, announcing the exercise of its first refusal rights to acquire the holdings of Hong Kong-based Hutchison Water, its partner in the Sorek desalination plant franchise (49%), for NIS 195 million before adjustments, as reported by Globes.

The announcement of the sale comes six months after Hutchison Water selected the bid submitted by the Noy Fund to acquire its share in the desalination facility. Noy Fund, which wanted to acquire a foothold in the hot water desalination sector, confirmed the report, saying: “We have been notified by Hutchison that IDE has decided to exercise its first refusal rights. We are studying the decision and its consequences.” Following the completion of its acquisition, IDE will hold 100% ownership of the franchise for the desalination facility for Sorek (the SDL company).

The Sorek facility is the largest desalination plant in Israel and among the largest in the world. It is located one kilometre south of the Dan Sewage Reclamation (Shafdan) Project, close to the Sorek River in the sandy area of Rishon Lezion. Construction of the US$400 million plant began in January 2011. The plant, which has supplied drinking water since August 2013, has an annual production capacity of 150 million cubic metres.

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More military sales in India E-mail

According to local media reports, Israel-based Rafael Advanced Defense Systems Ltd will be awarded a contract to supply 4,500 Spike anti-tank guided missiles to India’s Ministry of Defence for US$500 million.

The Hindustan Times reported that the deal awaits final approval from India’s government. India originally wanted to purchase 8,000 Spike missiles, with 3,000 of the missiles to be manufactured in India. But the deal was called off, because Israel did not agree that so many of the missiles should be made in India.

The deal was reportedly renegotiated in January in government-to-government talks when Israeli Prime Minister Benjamin Netanyahu visited India. The new deal was for a much smaller number of missiles to be manufactured in India.

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Luxury bath and body retailer Sabon opens Singapore shop E-mail

To add to its Asia expansion, Israel-based bath and body brand Sabon recently opened its first Southeast Asia flagship boutique, in Singapore.

Located in Takashimaya in the Ngee Ann City shopping centre, the store carries a full range of products for the body, the face and the home. Soaps handmade from fresh herbs, fruit peels and rose petals are included in the range.

The boutique features an experiential “Wishing Fountain” where customers are invited to freshen up, make wishes and “dive into an experience of sound and sense, texture, and scent”.

Staying true to the brand’s philosophy, the store’s interior design features natural products and materials such as whole wood and stone.

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TDK eyeing expansion in Israel E-mail

Japanese multi-electronics giant TDK is about to fund a second development centre in Israel, according to Globes. The company will also expand the workforce in its existing development centre by 40%. It has not yet issued an official press release about its Israel expansion.

According to Globes, TDK is also in the final stages of negotiations with a number of Israeli startups to develop products for the company, which TDK will distribute worldwide through its distribution channels. TDK’s investment in Israel will be in the tens of millions of dollars.

TDK has opened offices in Karmiel, and company representative Narutoshi Fukuzawa has been living in Israel for over a year, looking for suitable technologies and companies.

In his first Israeli media interview, Fukuzawa said that the decision to establish the development centre in Israel was taken by the company’s management council in Japan. He added that the amount of investment and the size of the centre were almost unlimited, and depended on the sphere of development that TDK selects from among the available alternatives.

TDK already operates a development and manufacturing centre of TDK Lambda in Israel, with 260 employees. Another decision taken by the company’s management is to expand the business of the Israeli plant by 40% and add a new product line to it, while recruiting dozens of new employees.

TDK Lambda-Israel sales director Yaron Eyni says that the Israeli company has shown its efficiency in production and has brought production processes back from China to the plant in Israel.

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4th China-Israel Investment Summit held in Zhuhai E-mail

With support of the Chinese and Israeli government agencies, the International Cooperation Center of the National Development and Reform Commission of China and the Zhuhai municipal government recently hosted the 4th China-Israel Investment Summit in Zhuhai on 2-3 July.

The annual summit is co-organised by Zhuhai Huafa Group and Israel-based Infinity Group. The China-Israel Investment Summit is the largest national dedicated technological innovation investment event between the two countries. As in previous years over 2,000 companies and more than 6000 visitors from the two countries participate.

Last year, agreements for 14 Sino-Israeli co-operation projects were signed and 2,653 discussions took place between companies, resulting in the signing of over 1,000 letters of intent valued at billions of US dollars. The summit drew widespread attention from the business communities in both countries.

This year’s edition, with a theme of “Cooperating on innovation, and intelligently creating a bright future for the Guangdong-Hong Kong-Macao Greater Bay Area”, invited influential guests from China’s and Israel’s political, academic and business circles, as well as more than 2,000 guests, who gathered to share their wisdom and discuss important topics including Sino-Israeli co-operation on technological innovation and furthering development in the Guangdong-Hong Kong-Macao Greater Bay Area under the “One Belt, One Road” initiative.

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