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After firing 118 workers and shutting down its manufacturing unit in Yeruham, Emilia Cosmetics mother or father firm Emilia Improvement (OFG) Ltd. (TASE: EMDV), managed by Oded Feller, reviews that it has bought the land and constructing for a revenue of NIS 35 million.
Till final 12 months Emilia Cosmetics (previously Careline) manufactured cosmetics, cleaning soap and different toiletry merchandise. Sources inform “Globes’ that the client 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 unit 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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Emilia Cosmetics closing Yeruham manufacturing unit
The choice to liquidate Amelia’s cosmetics exercise was made final 12 months resulting from ongoing losses, each in Israel and within the US, which, in keeping with Emilia, resulted from elevated competitors within the area, competing imports and the removing of boundaries, together with the rise within the costs of uncooked supplies and manufacturing inputs. As a part of the closure course of final 12 months, 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 reviews present that in 2021 and 2022, it incurred a cumulative losses of NIS 52 million from the cosmetics enterprise, together with losses resulting from bills associated to its closure. Even earlier, in 2019, Emilia had thought of closing the manufacturing unit in Yeruham however then the corporate managed to enhance gross profitability of its cosmetics exercise because of the Covid pandemic, due to the sale of disinfectant and hygiene merchandise.
Printed by Globes, Israel enterprise information – en.globes.co.il – on July 14, 2023.
© Copyright of Globes Writer Itonut (1983) Ltd., 2023.
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