DOCSLIB.ORG

Israel: Anti- Fragile

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Israel: Anti- Fragile I N T E R N AT I O N A L > I S R A E L Israel: Anti- fragile Battered by regional turbulence, Israel’s tech-infused economy has made virtue of handling challenge and adversity. Its legal profession is no exception 29 October 2019 09:30am Dominic Carman Middle East and Africa Corporate Legal tech Thriving in the face of adversity as politics and security play an integral part in everyday life is a default position for Israel. The data backs this up: recent OECD reports describe Israel as stable with strong economic growth: annual GDP has consistently risen by three to four percent over recent years to reach nearly $400bn in 2019. This, despite a protracted leadership battle taking place with two general elections in six months bringing the nation no closer to a conclusive result. Michael Barnea, managing partner of Barnea, Jaffa, Lande & Co, develops the point: ‘The environment is surprisingly robust considering the political instability that we’ve experienced for a considerable time. Investment, both from overseas into Israel and in the local market, is extremely strong and gives every appearance of being confident in the future.’ Despite international law firms being allowed to operate in Israel, they have invariably chosen not to. The legal market is therefore monopolised by domestic players, many of which have grown significantly and the main contributory factor has been a glut of mergers. According to David Tadmor, co-chairman and managing partner of Tadmor Levy, today the largest firm has close to 400 fee- earners, whereas in 2000 it was around 65 lawyers. Herzog Fox & Neeman (HFN) is Israel’s largest law firm, with 380 fee-earners, and at least 20 Israeli firms now have more than 100 lawyers. ‘What sets us apart is that we have grown organically rather than through mergers like some of our competitors,’ says HFN infrastructure partner Mark Phillips. ‘The environment is surprisingly robust. Investment is extremely strong and gives every appearance of being confident in the future.’ Michael Barnea, Barnea, Jaffa, Lande & Co Yudi Levy, managing partner of Goldfarb Seligman & Co, notes there has been a strong trend of large law firms merging with other large firms, smaller firms and specialised boutiques, or even absorbing entire departments of mid-sized firms – a pattern that is expected to continue in 2020. Levy’s own firm was one of the first to begin the trend with the 2011 merger of Goldfarb, Levy, Eran, Meiri, Tzafrir and M. Seligman, and it recently acquired the real estate practice of Berkman Wechsler Bloom – meaning it lays claim to having the largest practice in Israel – alongside the opening of a new branch in Zurich focused on tax. ‘There is fierce competition in Israel over clients; we have a lot of lawyers,’ says Oded Oz, founding partner of Oz / Engel & Co. The Israel Bar Association now has over 80,000 members – twice the number of lawyers in Japan. Chargeout rates vary between $250 and $500 an hour at the top end, with an abundance of choice helping to keep fees down. ‘One of the challenges for professional services firms in Israel is fees. For us, audit fees are not at the level they need to be and it’s becoming the same for lawyers with legal fees,’ says Jonathan Lavender, head of markets at KPMG in Israel. Tech nation Last year, UK-based insurance specialist Kennedys entered an official alliance with insurance boutique Zelichov, Ben-Dan & Co – the first formal affiliation of its kind between an Israeli and an international firm. Meanwhile, Bird & Bird is among several international firms with a growing Israel practice. ‘The three main areas where we advise Israeli companies are IP/life sciences, tech and data privacy,’ says partner Howard Rubin, who heads the UK firm’s Israel steering group. ‘We’ve given them a lot of advice on GDPR and we help many Israeli IP-heavy companies,’ he adds. ‘Israel’s domestic market is small, so they very quickly go for international development When any start- they very quickly go for international development. When any start up company is growing in Israel, often the first thing is to look at the US market and then, in parallel or soon afterwards, to go to Europe.’ ‘Israel is somewhere between a start-up nation and a country in which start-ups are becoming more industrialised.’ Dan Geva, Meitar Lawyers play an integral part in Israel’s service-based economy, which is dominated by its highly-developed tech sector. Apart from China and the US, it also has more Nasdaq-listed companies (around 100) than any other country. ‘Israel is the Middle East equivalent of Silicon Valley, with similar ecosystems,’ says Ronald Lehmann, corporate partner at Fischer Behar Chen Well Orion & Co (FBC). The story of Israel’s high-tech achievements is told in the best-selling book, Start-Up Nation, by Dan Senor and Saul Singer. One thesis in the book is that success stems from the Israeli mentality of challenging the status quo. Many successful tech entrepreneurs have come out of the Israeli army, which continues to select the best candidates for its most prestigious forces, such as Unit 8200 – the intelligence unit known for its cyber security and high-tech spying activities. Many key figures in the high-tech industry have served in those units. Says Lavender: ‘If you go into technology units, you need to do five years, so you have a few thousand people coming out of the army with very deep technology capabilities every year.’ Dan Geva, corporate and securities partner at Meitar Liquornik Geva Leshem Tal, suggests: ‘Israel is somewhere between a start-up nation and a country in which start-ups are becoming more industrialised.’ Phillips adds: ‘It’s a self-sustaining cycle: once you have some companies established, people break off, start their own business and do different things. Then the whole industry develops around it.’ At Gross, Kleinhendler, Hodak, Halevy, Greenberg, Shenhav & Co (GKH), Richard Mann heads the firm’s M&A group. ‘We have more than 50 lawyers in our technology practice, many of whom work primarily with start-ups,’ he says. ‘The growth of start-ups and the valuation increase has become much more rapid. Today, there are tech start-ups raising money with valuations in excess of $1bn – something that was unheard of even two years ago.’ ‘What characterises the M&A market is that the variety of acquirers exploring opportunities in Israel has never been greater.’ Richard Mann, GKH Additional support from Israeli government incentive programmes and venture capital helps to perpetuate success. Levy concludes: ‘With hundreds of innovative start-ups and numerous R&D centres of the world’s largest corporations, Israel is at the forefront of global technological research and innovation, and an attractive destination for global capital investment.’ Deal watch The corollary is deals aplenty. Israelis are very open to foreign investment; there are few regulatory restrictions beyond those limited to specific areas in the financial and telecoms sectors. As one of the country’s largest foreign investors, Intel announced plans this year for an $11bn Israeli production and research facility. In 2017, it bought Mobileye, an Israeli developer of sensors and artificial intelligence for autonomous driving, for $15.3bn – the largest-ever purchase of an Israeli tech company. Skadden, Arps, Slate, Meagher & Flom advised Intel while Morrison & Foerster advised Mobileye on the deal. At $25.7bn, last year saw the highest aggregate value for Sponsored briefings Israeli M&A since 2012; in Profile – Richard Mann, volume 132 deals involved t GKH volume, 132 deals involved partner, GKH Israeli companies. Around 40% Israel adopts the UNCITRAL of them were in the tech, Model Law pharma, medical and biotech sectors, including the $3.1bn acquisition of Orbotech by Nasdaq-listed KLA Corporation; Thoma Bravo’s purchase of Nasdaq-listed Imperva for $2.1bn; and Medtronic’s $1.64bn acquisition of Israel-based Mazor Robotics. Outside tech, Israeli industrial companies were predominant: International Flavors & Fragrances bought Frutarom for $6.9bn, while Pepsico acquired SodaStream for $3.2bn. Meitar was involved in four of the top five deals in 2018, advising KLA Tencor, Thoma Bravo and Medtronic on the buy side and SodaStream on the sell side. Geva says: ‘These deals clearly demonstrate that international – mostly US – investors trust that in acquiring sophisticated Israeli companies – and in the way they develop their processes – they are relatively very advanced. Almost every large international group, especially in technology, admires Israeli innovation and the country’s work ethic. In the first half of 2019, we advised on around 100 investments in new technology companies.’ Of the top dozen deals by value in 2018, HFN (which advised Pepsico) and Tadmor were involved in two apiece. This included Tadmor advising Leumi Card – together with FBC – on its $685m acquisition by Warburg Pincus, which was advised by Goldfarb. According to Mergermarket, the five most active firms in M&A last year were: Meitar, HFN, Naschitz Brandes Amir, Yigal Arnon and Erdinast, Ben Nathan, Toledano & Co (EBN). ‘Our firm is working relentlessly to advance innovative technological initiatives within the firm and for the entire Israeli legal sector.’ Yudi Levy, Goldfarb Seligman & Co ‘When your practice focuses on the seller side in tech, it never slows down because Israelis will always have motivation to found new technology companies,’ says Nimrod Vromen, partner at Yigal Arnon. ‘I divide the tech industry work very distinctly into buyers and sellers – sellers being start-ups and tech companies, and buyers being investors and acquirers. At some point, start-ups also become buyers when they are big enough.
Load more

Recommended publications
  • Frutarom Industries Ltd. Directors' Report of the Company's State of Affairs for the Period Ended June 30, 2018 A. Review Of
    FRUTAROM INDUSTRIES LTD. DIRECTORS' REPORT OF THE COMPANY'S STATE OF AFFAIRS FOR THE PERIOD ENDED JUNE 30, 2018 BOARD OF DIRECTORS' DISCUSSIONS ON THE COMPANY'S STATE OF BUSINESS A. REVIEW OF ACTIVITY Frutarom Industries Ltd. (the "Company”) is a global company established in Israel in 1933. Frutarom became a public company in 1996 upon registration of its shares for trade on the Tel Aviv Stock Exchange. In February 2005, the Company’s Global Depository Receipts were also listed on the London Stock Exchange Official List. The Company, itself and through its subsidiaries ("Frutarom" or the "Group") develops, produces and markets flavors and fine ingredients used in the manufacturing of food, beverages, flavors and fragrances, pharma/nutraceuticals, cosmetics and personal care products. As of the date of the publication of the report Frutarom operated 73 production sites, 92 research and development laboratories, and 110 sales offices in Europe, North America, Latin America, Israel, Asia, Africa and New Zealand, and it marketed and sold over 70,000 products to more than 30,000 customers in more than 150 countries and employs approx. 5,600 people throughout the world. On May 7, 2018, Frutarom signed a merger agreement (the "Merger Agreement") with International Flavors & Fragrances Inc. (the "Purchasing Company") an international public company, whose securities are listed for trading on the New York Stok Exchange (under the symbol IFF) and on the Euronext Paris Stock Exchange (under the symbol IFF) and Icon Newco Ltd, a private company
    [Show full text]
  • Ormat Technologies Inc
    ORMAT TECHNOLOGIES INC MEETING DATE Wed, 06 Nov 2019 13:00 TYPE EGM ISSUE DATE Fri, 25 Oct 2019 MEETING LOCATION 6140 Plumas Street, Reno, NV 89519 CURRENT INDICES PIRC Global SECTOR Electric services COMPANY OVERVIEW Ormat Technologies is a provider of renewable power and energy technology. The Company is based in Reno, Nevada, and has over 150 power plants. MEETING SPECIFIC INFORMATION Ordinary resolutions are approved by simple majority of the votes cast. PROPOSALS ADVICE 1 Board Proposal to Declassify the Board For It is considered that staggered elections do not pursue shareholders’ best interest, as they entrench the board against hostile takeovers. In this sense, the Board’s proposal is welcomed as it will introduce annual election for all directors of the board, which is considered to be best practice. 2 Adjourn Meeting Oppose The Board requests authority to adjourn the special meeting until a later date or dates, if necessary, in order to permit further solicitation of proxies if there are not sufficient votes at the time of the special meeting to approve the merger. An oppose vote is recommended to any adjournment or postponement of meetings if a sufficient number of votes are present to constitute a quorum. It is considered that where a quorum is present, the vote outcome should be considered representative of shareholder opinion. ORMAT TECHNOLOGIES INC 06 Nov 2019 EGM 1 of 5 BOARD AND COMMITTEE COMPOSITION (post-Meeting) INDEPENDENT BY DIRECTOR GENDER PIRC COMPANY BOARD AC RC NC SC TENURE Dan Falk M No Yes NED C M M - 14 Todd C.
    [Show full text]
  • Proxy Statement for Annual General Meeting of Shareholders 2019
    GILAT SATELLITE NETWORKS LTD. Gilat House 21 Yegia Kapayim St. Kiryat Arye Petah Tikva 4913020, Israel ____________________ NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS To be held on June 20, 2019 To our Shareholders: We cordially invite you to the Annual General Meeting of Shareholders of Gilat Satellite Networks Ltd. (the “Company”) to be held at the offices of the Company at 21 Yegia Kapayim Street, Kiryat Arye, Petah Tikva 4913020, Israel, on June 20, 2019 at 2 p.m. Israel time for the following purposes (the “Meeting”): 1. To set the number of directors serving on the Company Board at eight; 2. To re-elect six members of the Board of Directors until our next annual general meeting of shareholders and until their successors have been duly elected and qualified; 3. To approve an annual cash bonus plan for the Chief Executive Officer of the Company; 4. To approve a grant of options to the Chief Executive Officer of the Company; 5. To approve an annual cash bonus plan for the Chairman of the Company’s Board of Directors; 6. To amend our compensation policy for the Company’s directors and officers; and 7. To ratify and approve the reappointment and compensation of Kost Forer Gabbay & Kasierer, a member of Ernst & Young Global, as our independent registered public accountants for the fiscal year ending December 31, 2019, and for such additional period until the next annual general meeting of shareholders. In addition, our consolidated financial statements for the year ended December 31, 2018 will be received and considered at the Meeting.
    [Show full text]
  • Financial Statements
    BANK LEUMI LE-ISRAEL B.M. AND ITS INVESTEE COMPANIES Annual Report 2009 Bank Leumi le-Israel B.M. Head Office: 34 Yehuda Halevi Street, Tel Aviv 65546, Israel The Bank has received the consent of the Supervisor of Banks to the publication of the annual financial report on a consolidated basis only, with condensed statements of the Bank (not consolidated) in Note 30 to the Financial Statements. The figures of the Bank alone are available on request from the offices of the Bank at 34 Yehuda Halevi Street, Tel Aviv or on its website: www.bankleumi.com. This is a translation from the Hebrew and has been prepared for convenience only. In the case of any discrepancy, the Hebrew will prevail. 1 2 Bank Leumi le-Israel B.M. and its Investee Companies Annual Report 2009 Index Page Directors' Report A. General Board of Directors 5 Management 7 B. General Developments in the Group's Business Description of the Leumi Group's Business Activities and their General Development 8 Business Strategy 14 Control of the Bank 17 Description of Operating Segments 21 Capital Resources and Transactions in the Shares of the Bank 26 Distribution of Dividends 33 Principal Data in the Last Five Years 34 C. Other Information Principal Developments in the Economy 35 General Environment and the Effect of External Factors on Activities 43 Legislation Affecting the Banking System 43 Accounting Policy on Critical Subjects 52 Disclosure on the Procedure for Approval of the Financial Statements 58 D. Description of the Group's Business according to Segments and Areas of Activity
    [Show full text]
  • Frutarom Industries Ltd
    Frutarom Industries Ltd. Annual Report 2016 Dear Shareholder, We are pleased to sum up another record year for Frutarom – a year in which we achieved another substantial quantum leap in our journey of rapid and profitable growth, and in positioning ourselves as a leading global player in the fields of Flavors and specialty and natural Fine Ingredients. The continued successful implementation of our strategy, combining rapid and profitable organic growth with strategic acquisitions, has led to our having grown since 2000 at an average annual rate of 18%, our Flavors activity growing at an annual average rate of 24%, our EBITDA growing at an average annual rate of 21% and net income at an average annual rate of 24%. Frutarom revenues have meanwhile risen by a factor of over 14, from $81 million of revenues with EBITDA at $9 million in 2000 to record high revenues and earnings this year of approximately $ 1,147 million and EBITDA of $ 194 million, with net income reaching $ 111 million - more than double net income for 2012. During the past two years we have quickened our pace of strategic acquisitions, acquiring 20 companies which, combined with continued accelerated internal growth, has already brought us to an annual rate of sales of over $ 1.2 billion. * Annual rate of sales assuming the acquisitions performed and completed in 2016 had been consolidated in the reports since 1.1.16. The rapid and profitable growth trend in the results of our core businesses, which include the Flavors and Specialty Fine Ingredients activities, continues. We are confident in our ability to continue attaining our ambitious strategic goal and strengthen our position, achieve higher rates of growth than those of the markets in which we operate, continue improving our profits and profitability and to realize our strategic plan for the upcoming four years which includes a sales target of at least $ 2 billion with an EBITDA margin of above 22% in our core businesses by 2020*.
    [Show full text]
  • Proxy Statement and Notice of 2019 Annual Meeting of Shareholders Notice of 2019 Annual Meeting of Shareholders
    Proxy Statement and Notice of 2019 Annual Meeting of Shareholders Notice of 2019 Annual Meeting of Shareholders Date and Time Live Audio Webcast Wednesday, May 1, 2019 A live audio webcast of our 2019 Annual Meeting will be 10:00 a.m. Eastern Daylight Time available on our website, www.iff.com, starting at 10:00 a.m. Eastern Daylight Time and a replay will also be Place available on our website. Boston Consulting Group 10 Hudson Yards, 45th Floor Proxy Voting New York, New York 10001 It is important that your shares be represented at the 2019 Annual Meeting, regardless of the number of Items to be Voted On shares you may hold. Whether or not you plan to attend, 1. please vote using the Internet, by telephone or by mail, Elect eleven members of the Board of Directors for in each case by following the instructions in our proxy a one-year term expiring at the 2020 Annual statement. Doing so will not prevent you from voting Meeting of Shareholders. your shares in person if you are present. 2. Ratify the selection of PricewaterhouseCoopers Advance Voting Methods LLP as our independent registered public accounting firm for the 2019 fiscal year. Telephone 3. Approve, on an advisory basis, the compensation of our named executive officers in 2018. 4. Transact such other business as may properly Internet come before the 2019 Annual Meeting and any adjournment or postponement of the 2019 Annual Meeting. Mail Record Date Important Notice Regarding the Availability of Only shareholders of record as of the close of business Proxy Materials for the Annual Meeting of on March 6, 2019 may vote at the 2019 Annual Meeting.
    [Show full text]
  • Index Announcement
    INDEX ANNOUNCEMENT S&P Dow Jones Indices announces changes to the S&P / Harel Sector Indices London, March 25, 2014 – The S&P / Harel Indices are being rebalanced after the close of trading on Monday, March 31st. To follow are the list of indices, their constituents and weights, effective on that date. S&P / Harel Consumer Goods Index Name Weight Osem Investment 15.000% Strauss Group 15.000% Rami Levi Chain Stores Hashikma Marketing Ltd. 15.000% Delek Automotive Systems Ltd 13.123% FOX WIZEL LTD 12.116% Shufersal Ltd. 9.723% Delta-Galil Industries 8.012% Kerur Hldgs 1 3.139% CARASSO MOTORS LTD 2.133% Maabarot Products Ltd. 1.382% Neto ME Holdings Ltd 1.372% Alon Blue Square Israel Ltd 1.000% Gan Shmuel Food Industries 1.000% Dor Alon Energy In Israel (1988) 1.000% Neto Malinda Trading Ltd. 1.000% McGRAW-HILL S&P DOW JONES INDICES INDEX ANNOUNCEMENT S&P / Harel Energy Index Name Weight Isramco Negev 2 LP 15.000% Delek Group Ltd 15.000% Ratio Oil Exploration L.P. 15.000% Avner Oil & Gas Ltd LP 14.776% Paz Oil Company Ltd 11.899% Delek Drilling LP 10.483% Oil Refineries Ltd 5.959% Ormat Industries 4.638% Delek Energy Systems Ltd 1.245% Naphtha Israel Petroleum Corp 1.000% I.N.O.C.-Dead Sea L.P. 1.000% Givot Olam Oil Exploration L.P. 1.000% Alon Natural Gas Exploration Ltd. 1.000% Naphtha Explorations L.P. 1.000% LAPIDOTH-HELETZ LP 1.000% S&P / Harel Health Care Index Name Weight Teva Pharmaceutical Industries 15.000% Perrigo Company plc 15.000% Mazor Robotics Ltd.
    [Show full text]
  • Bluestar Israel Equity Update First Quarter 2014
    BlueStar Israel Equity Update First Quarter 2014 Q4 2013 in Review & 2014 Outlook All major global developed market equity benchmarks rose strongly in Q4 2013 despite the announcement of the Federal Reserve’s intentions to reduce the scope of its bond purchase What’s Inside program The BlueStar Israel Global Index rose 10.54% in Q4 2013 on an annualized basis while the TA-100 and MSCI Israel indices were up 7.38% and 6.34%, respectively. The BlueStar 1. Israeli Global benchmark also outperformed the TA-100 and MSCI Israel benchmarks for the full year 2013 by 4 and 15 percentage points, respectively. Equities in Q4 2013 For the second straight quarter the rally in Israeli equities was broad based and in each of the three largest sectors: Information Technology, Financials and Health Care. Additionally a long-awaited recovery in the telecom sector took hold during the quarter. Each of these sectors rose strongly during Q4 2013 indicating strength in the domestic economy and an 2.-6. About the BIGI & acceleration in the growth rates of the economies of Israel’s largest trading partners. BIGTech Indexes, The Israeli government budget deficit continued to shrink bringing on the prospect of lower Rebalance Review, taxes and higher government spending in 2014. The labor force participation rate rose in the and Risk/Return fourth quarter while the unemployment rate remained low. Data The revival in trading volume on the TASE, rise in equity prices in most developed countries, and several relatively large IPOs by Israeli companies during the second half of 2014 resulted in a net addition of 12 companies in the BlueStar Israel Global Index’s December rebalance.
    [Show full text]
  • Important Notice the Depository Trust Company
    Important Notice The Depository Trust Company B #: 5017-17 Date: February 1, 2017 To: All Participants Category: Dividends | International From: Global Tax Services Attention: Managing Partner/Officer, Cashier, Dividend Mgr., Tax Mgr. Subject: BNY Mellon | ADRs | Qualified Dividends for Tax Year 2016 Bank of New York Mellon Corporation (“BNYM”), as depositary for these issues listed below has reviewed and determined if they met the criteria for reduced U.S. tax rate as “qualified dividends” for tax year 2016. The Depository Trust Company received the attached correspondence containing Tax Information. If applicable, please consult your tax advisor to ensure proper treatment of this event. DTCC offers enhanced access to all important notices via a Web-based subscription service. The notification system leverages RSS Newsfeeds, providing significant benefits including real-time updates and customizable delivery. To learn more and to set up your own DTCC RSS alerts, visit http://www.dtcc.com/subscription_form.php. Non-Confidential CUSIP DR Name Country Exchange Qualified 88579N105 3I GROUP - Cash Dividend United Kingdom OTC Y 35104M102 4IMPRINT GROUP PLC - Cash Dividend United Kingdom OTC Y 00202F102 A.P. MOLLER - MAERSK - Cash Dividend Denmark OTC Y 002482107 A2A - Cash Dividend Italy OTC Y 000304105 AAC TECHNOLOGIES - Cash Dividend China OTC N 00254K108 AAREAL BANK - Cash Dividend Germany OTC Y 03524A108 AB INBEV - Cash Dividend Belgium NYSE Y 000380105 ABCAM - Cash Dividend United Kingdom OTC Y 003381100 ABERTIS INFRAESTRUCTURAS - Cash Dividend Spain OTC Y 003725306 ABOITIZ EQUITY VENTURES - Cash Dividend Philippines OTC Y 003730108 ABOITIZ POWER - Cash Dividend Philippines OTC Y 00400X103 ACACIA MINING - Cash Dividend United Kingdom OTC N 00433P101 ACCESS BANK - REG.
    [Show full text]
  • Frutarom Industries Ltd
    Frutarom Industries Ltd. Annual Report 2013 Dear Shareholder, We are pleased to share with you the results of another record year – a year in which we achieved a further quantum leap in Frutarom’s positioning and results. The successful implementation of our strategy combining profitable organic growth with the execution of strategic acquisitions has led Frutarom to achieve an average annual growth of 18% since 2000, supported by strong organic growth and successful integration of 30 acquisitions. Frutarom revenues and profits over this period increased from $81 million of revenues and an EBITDA of $9 million, to record high revenues of $674 million and $116 million of EBITDA. Net profit in 2013 has reached $64 million and cash flow generated from operating activities is $88 million. In 2013 Frutarom revenues would have reached $784 million and net profit would have been $70 million, if the four acquisitions made in 2013 had been consolidated on 1.1.2013. 784 784 674 618 518 116 425 100 287 80 70 197 66 64 108 49 52 81 42 10 32 30 33 14 18 9 4 6 NET EBITDA SALES *2013- revenues and net profit combined with the four acquisitions made in 2013, had they been acquired and consolidated on 1.1.2013 In parallel to achieving profitable growth in our activities, we have focused, over the last few years, on the following four major business areas: A. Strategically changing the product mix while significantly increasing our Flavors activity, the most profitable of our activities, and improving the product mix of our Specialty Fine Ingredients activity; B.
    [Show full text]
  • 2020 Annual Report
    ANNUAL REPORT 2020 WHERE SCIENCE AND CREATIVITY MEET YEAR IN REVIEW 2020 Named for the first time to the Dow Jones Sustainability Indices (DJSI) for both the 2020 IFF shareholders voted to approve the World and North America, which validates our previously proposed merger of IFF and leadership position in sustainability performance DuPont’s Nutrition & Biosciences with and underscores our commitment to executing more than 99 percent of the votes cast on key environmental, social and governance in favor (ESG) priorities Earned Economic Dividend for Gender Equality (EDGE) Move level certification, globally, making it the first – and currently the only – company to earn this level of recognition Modified our production Announced the opening of a facilities to manufacture and new creation, application and distribute hand sanitizer for innovation center for our Taste first responders and other division in Dubai, UAE to better organizations around the serve our customers’ unique FULL-YEAR 2020 RESULTS world during pandemic needs and drive growth in the African, Middle Eastern, Turkish Company Financials and Indian markets ADJUSTED OPERATING SALES PROFIT* “ ” $5.1 $730 LISTERA BILLION MILLION Named to CDP’s A Lists for Awarded the 2020 EcoVadis Water Security and Climate platinum sustainability rating, ADJUSTED EPS EX Change for the second and a new and more highly selective ADJUSTED EPS* AMORTIZATION* fifth consecutive year, designation introduced by the respectively internationally recognized Andreas Fibig platform earlier in the year Chairman and $4.38 $5.70 Chief Executive Officer DEAR FELLOW SHAREHOLDERS, CUSTOMERS & EMPLOYEES In an unpredictable year, all of us at IFF have so much to be proud of.
    [Show full text]
  • Small, Savvy, High-Tech Firms Preponderate Among Israeli Multinationals, Survey Finds
    Small, savvy, high-tech firms preponderate among Israeli multinationals, survey finds EMBARGO: The contents of this report must not be quoted or summarized in the print, broadcast or electronic media before September 2nd, 2009, 10:00 a.m. Israel; 7 a.m. GMT and 3:00 a.m. United States EST. Release of the second ranking of Israeli outward investors Jerusalem and New York , September 2nd, 2009 The second annual survey of Israeli multinational enterprises (MNEs) is being released today. It was conducted by a joint team composed of the Manufacturers Association of Israel, Tel Aviv University, Hebrew University and the Vale Columbia Center on Sustainable International Investment (VCC), a joint undertaking of Columbia Law School and The Earth Institute at Columbia University in New York.1 The survey is part of a long-term, multi-country study of the rapid global expansion of multinational enterprises (MNEs) from emerging markets. The results released today cover the year 2007, although some information on 2008 is also provided. In 2007, Israel's top 20 MNEs – ranked by foreign assets – had over USD 12 billion in foreign assets (table 1), over USD 26 billion in foreign sales (including exports), and employed nearly 68,000 persons abroad. Foreign assets, sales and employment had increased by 33%, 8% and 24%, respectively, since 2006 (table 2). Four firms, Israel Chemicals, Amdocs, Teva and Ormat, together accounted for 60% of the total foreign assets of the top 20. An important clarification is in order. The report speaks of ‘the top 20’ for convenience. It is not in fact possible to be certain that the 20 companies listed in table 1 below are the largest Israeli investors abroad.
    [Show full text]