IPE was founded in 1961 as an industrial company engaging mainly in the manufacture of polyethylene. In 1978, IPE became a public company and its shares were listed on the Tel Aviv Stock Exchange.
In 1991, a new subsidiary, Carmel Olefins Ltd. (CAOL), was founded, into which the ethylene plant of Oil Refineries Ltd. (ORL) and IPE’s polyethylene plants were merged. As a result of this merger, IPE became a holding company, holding CAOL, jointly with ORL, in equal shares. At the end of 2009, a stock-swap merger of CAOL and ORL was completed, under which the Company sold its holdings of CAOL to ORL in exchange for an allotment of ORL shares.
As a holding company, IPE seeks to expand and enhance the value of its portfolio of holdings, and has executed a number of investments in recent years.
Milestones
- May 2006 – acquisition of the control of Scailex Corporation Ltd.
- August 2006 – closing of the transaction for the acquisition of Avgol shares
- November 2007 – acquisition of 15.76% of the share capital of Oil Refineries Ltd. (ORL
- April 2008 – sale of the holding of Scailex to Suny
- May 2009 – receipt of the control permit from the government for control of ORL
- December 2009 – consummation of the merger agreement between Carmel Olefins and ORL for the consideration of an allotment of 17.75% of ORL’s issued share capital.