Beit Shemesh Engines wins expanded order from Pratt Whitney for $530 million
Israel’s Beit Shemesh Engines said on Thursday it had signed an agreement expanded by a giant $530 million to supply parts to Pratt Whitney, bringing the total value of its contract with the U.S. aerospace manufacturer to $640 million. Under the enhanced deal, originally signed last December, the company agreed to develop and produce 18 new components for Pratt Whitney, a subsidiary of United Technologies Corporation, for the civilian sector from 2018 to 2026. To meet the commitments, the company will be expanding its factory. “The deal is a big leap forward for us. The orders nearly double the size of our long-term orders too,” said CEO Ram Drori. “Most of the contract is for new engines used in narrow-body aircraft, which is the main growth area in aviation.” Shares of Beit Shemesh Engines, which is 40%-owned by the Israeli private equity firm FIMI Opportunity Funds, finished 22.8% up at 72.50 shekels ($20.55). (Guy Erez)
Super Pharm in advanced talks to sell a 40% stake to foreign group
Super Pharm is in advanced talks to sell a 40% stake to a foreign investor in a deal that values Israel’s biggest drugstore chain at about 2 billion shekels ($570 million). Sources said the potential buyers are the U.S. private equity fund Blackstone together with an unnamed European pharma chain. “Behind the attempt to enlist an international partner is the aim of expanding overseas, at least by more stores in China and to try to add more stores in Poland and enter new countries,” said a source close to the talks. Leon Koffler, who founded Super Pharm in the 1970s, is expected to sell about a fifth of his 75% share-holding, and Bank Leumi and Israel Discount Bank all of their 25% stake. Sources said the banks want to divest out of concern that Super Pharm’s market dominance is about to be tested by Super-Sol’s entry into the market, and from doubts about an overseas expansion drive. (Adi Dovrat-Meseritz and Yoram Gabison)
Teva reportedly close to deal to sell women’s health business outside U.S.
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Teva Pharmaceuticals is close to an agreement to sell its women’s health business outside the U.S. to the European buyout firm CVC Capital Partners, Bloomberg News reported Wednesday. Citing unnamed sources, it said an agreement could be reached in the next few days to sell the mostly European assets for about $800 million. Other bidders such as Spain’s closely held Chemo Group have expressed interest in the assets. Teva has been seeking to dispose of assets to help repay a $30 billion debt it carries after it bought Actavis Generics last year. Last week Teva agreed to sell its ParaGard contraceptive business to Cooper Companies for $1.1 billion. It is considering a sale of its European oncology and pain-killing business and has potential buyers for the U.S. portion of its women’s health business. Shares of Teva ended down 2.9% at 66.50 shekels ($18.85). (TheMarker Staff)
Tel Aviv shares fall amid profit-taking on Teva
Tel Aviv shares ended lower after three days of gains as investors took profits from the rally in Teva Pharmaceuticals this week. Opko Health’s 7.1% decline to 21.23 shekels ($6.02) also weighed on the market. The blue chip TA-35 index finished the day down 0.2% at 1,415.46 points, while the TA-125 edged 0.06% lower to 1,284.42, on turnover of 1.47 billion shekels. Other losers were Elbit Systems, which fell 1.1% to 481.80; ILDC, which lost 2.9% to 32.43 and El Al Airlines, which fell 2.8% to 2.39. Kamada rose 3.3% to close at 105.90 after the Brosh Fund bought a 6.2% share in the biomed company off the floor for $10.7 million. TowerJazz gained 3.3% to 105.90 and Clal Insurances rose more than 4% to 55.92. In foreign currency trading, the euro weakened nearly 0.8% to a Bank of Israel rate of 4.2033 shekels. (Guy Erez)
Article source: http://www.jpost.com/Breaking-News/US-pledges-140-million-to-Lebanon-in-Syrian-refugee-aid-500792
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