IPE plans to use the sales proceeds to clear its $500m debt. It will also get a payment of $16m depending upon next year’s financial results, reported Platts.
The Israeli company will retain 21% interest in Avgol and the remaining will be traded on Tel Aviv Stock Exchange.
IPE has plans to invest about $71m in new production lines in China and the US, and expand business into India.
Ethemba is a private equity firm based in London, while Avgol Nonwoven Industries is a manufacturer and supplier of ultra lightweight and top quality nonwoven fabrics.
