After firing 118 staff and shutting down its manufacturing facility in Yeruham, Emilia Cosmetics mum or dad firm Emilia Growth (OFG) Ltd. (TASE: EMDV), managed by Oded Feller, stories that it has bought the land and constructing for a revenue of NIS 35 million.
Till final yr Emilia Cosmetics (previously Careline) manufactured cosmetics, cleaning soap and different toiletry merchandise. Sources inform “Globes’ that the customer was Padagis Israel, which produces prescription drugs and healthcare merchandise. The deal has a symbolic dimension, as a result of Padagis, when it was owned by Perrigo, bought the manufacturing facility to Emilia 14 years in the past. Within the present deal Padagis is shopping for the 37,000 sq. meters of land and buildings for NIS 52 million.
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The choice to liquidate Amelia’s cosmetics exercise was made final yr because of ongoing losses, each in Israel and within the US, which, in response to Emilia, resulted from elevated competitors within the subject, competing imports and the elimination of obstacles, together with the rise within the costs of uncooked supplies and manufacturing inputs. As a part of the closure course of final yr, Amelia bought its mental property property in Israel and overseas (besides within the US) used for the manufacturing and sale of its merchandise for NIS 16 million.
Emilia’s monetary stories present that in 2021 and 2022, it incurred a cumulative losses of NIS 52 million from the cosmetics enterprise, together with losses because of bills associated to its closure. Even earlier, in 2019, Emilia had thought of closing the manufacturing facility in Yeruham however then the corporate managed to enhance gross profitability of its cosmetics exercise because of the Covid pandemic, because of the sale of disinfectant and hygiene merchandise.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on July 14, 2023.
© Copyright of Globes Writer Itonut (1983) Ltd., 2023.
