Tnuva factory
Photo: Michael Kremer
Tnuva CEO: Net profits plummeted in 2011
Social protest hurt Israel’s largest dairy company’s bottom line, says CEO
Calcalist exclusive: Tnuva's net profit in 2011 declined by millions of shekels compared to 2010 figures, partly as result of the nationwide social protest, the CEO of Israel’s largest dairy company says.
"The events of 2011 hurt Tnuva significantly," Arik Shor wrote in a letter to company employees, adding that "Tnuva's financial results will be published next week with the final and full details."
Notably, Tnuva’s declined profitability is not only related to the social protest, but also to a write-off related to the company's Romania dairy.
Addressing current sanctions by Tnuva employees, Shor wrote: "The company’s management regrets the sanctions that the union chose to impose. Such sanctions hurt the workers, Tnuva and our consumers.”
“Management urges the union to act responsibly in face of the complex reality Tnuva is forced to deal with and apologizes for hurting our consumers,” he wrote.
Read this article in Hebrew
