Milchan to buy almost half of Israel's Automotive Equipment for $40m

Arnon Milchan will join the board of directors. The company imports Chrysler, Suzuki, and Porsche cars.

Tel Aviv July 18, 2004; Dubi Ben-Gedalyahu writing for Globes reported that Arnon Milchan will become a partner in Automotive Equipment, the Israeli importer of Chrysler, Suzuki and Porsche cars.

Sources informed “Globes” that Milchan will buy almost 50% of Automotive Equipment for $40 million. Milchan and his representatives will join the company's board of directors and participate in deciding its future, although management will remain in the hands of controlling shareholder, chairman and CEO Tzvi Neta.

"Globes" first reported two weeks ago that the deal did not include Automotive Equipment's Sufa (Storm) Jeep factory, Automotive Industries, or its real estate subsidiary, except for the properties relating to the car import business - showrooms, offices, garages, and sales and marketing facilities.