New Look For Agis Of Israel; And Interims

Agis Industries of Israel and its sister company Careline were merged on June 30 by means of a share exchange and treated as a pooling of interests. Careline has become a wholly-owned subsidiary of Agis; the firm is the main distributor of Agis products, accounting for almost 75% of Agis' turnover.

In the first six months of 1996, Agis achieved sales of NIS 342 million ($109 million), a rise of 2% on the like, year-earlier period. Turnover of pharmaceuticals was NIS 277.6 million, an advance of 3.7%. The increase in turnover was derived from a rise in domestic drug sales and the export of BPC by subsidiary ChemAgis.

The latter has recently successfully passed a US Food and Drug Administration quality control assessment. This means that the plant meets Good Manufacturing Practice standards and paves the way for the export of BPC to the USA. According to the firm's evaluation, the USA should become ChemAgis' major market in the years ahead.