Industry Investment Website www.ampal.com Owner Yossi Maiman Number of employees 25 | Key people Yossi Maiman Headquarters Herzliya, Israel Founded 1942 Type Public company | |
Revenue US$ 496.93 million (2010) Operating income Net income US$ -44.74 million (2010) Stock price AMPLQ (OTCMKTS) US$ 0.01 0.00 (0.00%)27 Feb, 4:00 PM GMT-5 - Disclaimer Subsidiaries GCT Ltd, Bax Chemicals Export Overseas B.V. | ||
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.
History
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.
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.
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.