Sodastream wins NIS 25m grant for Negev plant

The company will build a NIS 130 million plant in the Idan Industrial Zone in the Negev, which will employ 500 people.

4 April 12 15:43, Yuval Azulai

Sodastream International Ltd. (Nasdaq: SODA) has won a NIS 25 million grant from the Investment Promotion Center to build a NIS 130 million plant in the Idan Industrial Zone in the Negev, which will employ 500 people. The company currently has three plants in Israel, at Mishor Adumim and Alon Tavor, where it manufacturers in home carbonation system, and in Ashkelon, where it produces syrups and flavors for beverages.

Investment Promotion Center director Hezi Zaieg said that the decision on Sodastream's grant was made on the basis of the amendment to the Law for the Encouragement of Capital Investments. "The reform has proved itself. Sodastream had options to invest in other countries, but the tax breaks and grants in the new law makes an investment in Israel worthwhile compared with other countries."

Minister of Industry, Trade and Labor Shalom Simhon said, "Most of the new factory's employees will come from the Bedouin sector in the Negev. This will be in addition to the 1,100 employees that the company already employs in the country. This will also boost the Idan Industrial Zone in the Negev and encourage more enterprises to move there."

The Idan Industrial Zone north of Beersheva is run jointly by three local authorities: Rahat, Lahavim and Bnei Shimon.

Published by Globes, Israel business news - www.globes-online.com - on April 4, 2012

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