CRH exits the Israeli market

In its press release on January 2016, CRH stated that it completed 13 divestments in 2015, the largest of which was the disposal of CRH’s 25% equity stake in its Israeli operation, the 25% stake was held in the Mashav group which is the holding company for Nesher Cement.  This divestment completes CRH’s exit from the Israeli market.

Today, both Nesher Cement and Mashav are fully owned by Clal Industries, one of the leading Israeli holding companies.

CRH’s Past Involvement:

In 2004, CRH publicly stated that in “all probability Nesher cement was used during the construction of  Israel’s wall in the West Bank”. Additionally, products of Nesher were seen in the construction sites in West Bank settlements of Alfei MenasheKedumimMa'ale Adumim and in the Har Homa settlement in occupied East Jerusalem. Nesher cement bags were also documented during the construction of the Jerusalem light rail, a transportation project that connects the settlement neighborhoods of occupied East Jerusalem with the city center.

Being a sole cement producer in Israel, Nesher also benefits from the Palestinian captive market in the West Bank and the Gaza strip. In fact, under the 2014 UN-sponsored agreement for the reconstruction of Gaza, Nesher also gained profit from aid funds invested in the rebuilding of the Strip.

Through Nesher, CRH was also a 12.5% shareholder in Taavura Holdings, the largest road haulage and logistics company in the Israeli market. 

Taavura provides heavy haulage and installation engineering services to construction projects in the West Bank. One of these projects was the construction of the Separation Wall. Taavura also transports heavy cargo for the Israel army. The company transported aircrafts and watercraft for the Israeli army during the attack on the Gaza Strip in November 2012. Finally in 2014 and 2015, the company was repeatedly documented moving dairy material from West Bank settlements to an Israeli factory within the Green Line.

For more information on Nesher Cement please Click here

 

Section: 
Summary: 

On January 2016, CRH, a multinational manufacturer and distributor of building materials, has finalized the dispossession of its 25% stakes in the Mashav group, the holding company for the sole Israeli cement producer, Nesher Cement. 

Publication Date (old): 
February, 2016
Images: 

Nesher Cement Bags| Jerusalem's Light Train| Jun 2009| Photographed by Who Profits. 

Nesher cement bags| Har Homa settlement neighborhood, East Jerusalem | Jun 2009 | Photographed by Who Profits

Publication Date: 
All the information contained in this page is valid until Monday, February 1, 2016