Ampal-American Israel Corporation

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Ampal-American Israel Corporation
Type Public (NASDAQAMPL)
Industry Investment
Founded 1942
Headquarters Tel Aviv
Key people Yossi Maiman
Revenue Increase US$ 496.93 million (2010)
Operating income Decrease US$ -78.32 million (2010)
Net income Decrease US$ -44.74 million (2010)
Owner(s) Yossi Maiman
Employees 25
Website www.ampal.com

Ampal-American Israel Corporation is a New York unit of Israel's Bank Hapoalim. It is a holding company that primarily acquires interests in Israel-related businesses.[1]

History[edit]

In 1942, members of the Labor Zionist movement founded AMPAL to guarantee loans for financial projects in the Jewish Yishuv. From 1945, the corporation financed the development of basic industries, utilities and housing.[2]

In 1998, Ampal acquired a one-third interest in Motorola Solutions Israel Ltd., a wireless-communications business in Israel, for $110 million, as a springboard for other investments in the telecommunications and high-tech sector.[3]

The company's main holding is a 12% stake in the East Mediterranean Gas Company (EMG), a joint venture company set up to handle the export of natural gas from Egypt to Israel.

Following four attacks on the gas pipeline that connects to the company's Arish–Ashkelon pipeline, supply has been interrupted and as of September 2011 has not resumed. As a result, the company's debentures have been downgraded by Moody's to BA3.[4]

See also[edit]

References[edit]

  1. ^ "Ampal-American Israel Corporation" Sunday, January 30, 2011 - The New York Times - Retrieved 30 January 2011.
  2. ^ The Rise of Israel: A History of a Revolutionary State, Jonathan R. Adelman
  3. ^ "Ampal-American Israel Corporation" Sunday, January 30, 2011 - The New York Times - Retrieved 30 January 2011.
  4. ^ Ampal-American Israel Corporation Debentures Downgraded to BA3 With a Negative Outlook