Makhteshim workers fear massive job losses

Nochi Dankner: We will continue operating in Israel but streamlining is inevitable.

Makhteshim Agan Industries Ltd. (TASE: MAIN) employees will launch a campaign against Nochi Dankner on fears that jobs will be transferred to China if the deal with Chinese chemicals firm ChemChina goes ahead.

The employees will demonstrate tomorrow opposite the offices of Dankner's IDB Holding Corp. (TASE:IDBH) in Tel Aviv. IDB has a controlling stake in Makhteshim.

Meanwhile, Dankner himself has tried to reassure Makhteshim's employees. Dankner said, The company is coping with international markets with cheap production and vast competition. Makhteshim will not stop its production in Israel and will continue operations in Ashdod and Ramat Hovav.

However, he added that streamlining is inevitable.

Published by Globes, Israel business news - www.globes-online.com - on October 18, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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