Ampal-American Israel Corporation
{{Short description|Holding company}}
{{Infobox company
| name = Ampal-American Israel Corporation
| logo =
| caption =
| type = Public ({{OTCQB|AMPLQ}})
| traded_as =
| fate = Chapter 7 bankruptcy
| predecessor =
| successor =
| foundation = 1942 as Ampal-American Palestine Trading Corporation
| founder =
| defunct = 2013
| location_city = Tel Aviv
| location_country =
| location =
| locations =
| area_served =
| key_people = Yossi Maiman
| industry = Investment
| products =
| services =
| revenue = {{profit}} US$ 496.93 million (2010)
| operating_income = {{loss}} US$ -78.32 million (2010)
| net_income = {{loss}} US$ -44.74 million (2010)
| assets =
| equity =
| owner = Yossi Maiman
| num_employees = 25
| parent =
| divisions =
| subsid =
| homepage = {{URL|http://www.ampal.com/}}
| footnotes =
| intl =
}}
Ampal-American Israel Corporation was a New York unit of Israel's Bank Hapoalim. It was a holding company that primarily acquired interests in Israel-related businesses.[http://topics.nytimes.com/top/news/business/companies/ampal-american-israel-corp/index.html "Ampal-American Israel Corporation"] Sunday, January 30, 2011 - The New York Times - Retrieved 30 January 2011.
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.[https://books.google.com/books?id=NNF7GPdO8zQC&pg=PA182 The Rise of Israel: A History of a Revolutionary State, Jonathan R. Adelman]
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.[http://topics.nytimes.com/top/news/business/companies/ampal-american-israel-corp/index.html "Ampal-American Israel Corporation"] Sunday, January 30, 2011 - The New York Times - Retrieved 30 January 2011.
In 2002, businessman Yossi Maiman acquired Ampal from Beny Steinmetz for US $174 million in 2002.{{cite news|last1=Levy|first1=Aviv|last2=Steinblatt|first2=Ron|title=Yosef Maiman set to leave Ampal|url=http://www.globes.co.il/en/article-1000824465|accessdate=October 21, 2016|work=Globes|date=February 21, 2013}} He served as its chairman from 2002 to 2013, and as its president and chief executive officer from 2006 to 2013.{{cite web|title=Company Overview of Merhav MNF Ltd.: Yosef A. Maiman|url=https://www.bloomberg.com/research/stocks/private/person.asp?personId=2971160&privcapId=27407576|website=Bloomberg|accessdate=October 21, 2016}}
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.[https://finance.yahoo.com/news/Ampal-American-Israel-pz-2329810126.html?x=0&.v=1 Ampal-American Israel Corporation Debentures Downgraded to BA3 With a Negative Outlook]{{dead link|date=October 2016 |bot=InternetArchiveBot |fix-attempted=yes }}
In 2013, a New York Court ordered that Ampal be liquidated under Chapter 7 bankruptcy proceedings.{{cite news |last1=Levy |first1=Aviv |title=Arbitrator rules Egypt must compensate EMG |url=https://en.globes.co.il/en/article-arbitrator-rules-egypt-must-compensate-emg-1001179316 |accessdate=28 August 2018 |publisher=Globes - Israeli business daily |date=2 March 2017}}
See also
References
{{Reflist}}
{{Israel NASDAQ}}
{{Authority control}}
{{DEFAULTSORT:Ampal-American Israel Corporation}}
Category:Investment companies of Israel
Category:Defunct energy companies of Israel
Category:Companies based in Tel Aviv
Category:Holding companies established in 1942