Special to WorldTribune.com

TEL AVIV — After decades of debate, the government has offered a leading Israeli defense contractor for sale.

The government of Prime Minister Benjamin Netanyahu has approved the sale of Israel Military Industries. Officials said IMI, after years of debate, would be sold in its entirety.

“Privatization of the company is progressing as planned, and is at the point of no return,” IMI chairman Udi Adam said.

Adam did not provide details of the effort to sell IMI. The company, which produces everything from light arms to aircraft systems, has been valued at $800 million.

The government has sought to sell IMI for some 20 years but was stymied by politics as well as the company’s powerful union. Officials said the Finance Ministry would oversee efforts to find a buyer, including briefings with private investors and banks, for IMI.

“We expect the first bids to come in the first half of next year,” an official said.

IMI, which specializes in armor and rockets, has long struggled with a decline in revenues as well as difficulties in marketing abroad. For more than a decade, the government has pumped money on a quarterly basis to ensure that IMI could pay suppliers and maintain production.

“Our main goal is to carry out privatization at a high monetary value for Israel, while reflecting the company’s technological capabilities, knowledge foci, and the quality of its human resources,” Adam, a former military commander, said.

Under a new policy, the government plans to sell a minority stake in other state-owned defense companies, particularly Israel Aerospace Industries and Rafael Advanced Defense Systems. Officials said IAI and Rafael would be privatized through the Tel Aviv Stock Exchange by 2017.

“This is another step in stopping the politicization of government companies and reducing corruption in the companies,” Finance Minister Yair Lapid said.

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