Israel military industries (IMI) has posted its first-ever profits as a state-owned company, showing a net result for 1997 of $14.3 million. Sales were up marginally, at $512 million, and are forecast to grow by another 10% this year. The turnaround follows a protracted restructuring at IMI which has seen the payroll shrink to 4,000 personnel. The company, which produces a range of advanced stand-off weapons, says that it is now looking for partners to help it break into the European market.
Source: Flight International