Perrigo Co. (Agis Industries) (Nasdaq:PRGO; TASE:PRGO) is selling its holding in cosmetics company Careline for NIS 121.5 million plus another NIS 83.5 million in repayments of debts an downers' loans.
The buyer is Emilia Development (OFG) Ltd. (TASE:EMDV), controlled by Oded Feller, which reported the deal to the Tel Aviv Stock Exchange this morning in a joint announcement with Perrigo.
According to the announcement, Careline made an operating loss of NIS 4.5 million in its fiscal year to May 2009, compared with an operating loss of NIS 7.2 million in the previous year. Sales revnue totaled NIS 338.5 million in the year to May 2009, 4.3% less than in the previous year.
Emilia says it plans to boost production, sales and distribution of Carleine products in Israel and overseas, and to expand activity at Careline's production plant in Yreucham.
Published by Globes [online], Israel business news - www.globes-online.com - on November 2, 2009
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