Bosch, Electra to set up HVAC manufacturing facility in Israel
The companies will invest a total sum of $29.6 million in the facility that will employ 300 people in southern Israeli town Ashkelon
Orna Yefet | 15:27 07.09.2020
German multinational Bosch GmbH, in collaboration with Israeli consumer electronics company Electra Consumer Products Ltd., is setting up a manufacturing facility and technological park for heating, ventilation, and air conditioning (HVAC) technologies in Israeli southern town Ashkelon, the companies announced Monday. The companies will invest a total sum of NIS 100 million (approximately $29.6 million) in the new facility. Last month, the European Commission approved the acquisition of joint control over Electra’s HVAC arm Electra Industries Ltd. by Bosch subsidiary Bosch Thermotechnik GmbH and Electra. The Israel Competition Authority also approved the merger that would see Bosch own 40% of the new plant.