Business in Brief

Defense Ministry asks Sanmina to keep local factories going

The Director General of the Defense Ministry, Udi Shani, has asked the CEO of the California-based electronics manufacturer Sanmina-SCI, Jure Sola, to reconsider his decision to close the company's faculties in Israel. Sanmina's Lod factory makes, among other products smart cards for the Israeli defense industry, including the Iron Dome antimissile system. Shani said 2013 defense orders for Sanmina's products will at least equal those of 2012 and are projected to rise in the long term. These orders are estimated at NIS 10 million a year. Around 300 jobs at the lant are considered to be in danger. (Ora Coren )

Maariv gets three more weeks of protection from creditors

Maariv Holdings will have another 21 days of protection from creditors, ruled Judge Varda Alshech of the Tel Aviv District Court yesterday. She granted the three-week extension to allow the buyer of the newspaper, Shlomo Ben-Zvi, time to complete negotiations with the distribution workers and to hold a meeting of creditors. On Monday Alshech criticized Ben-Zvi over the lack of progress in negotiations with the Hebrew daily's 900 employees. The judge threatened to void the purchase agreement and allow a new round of bidding if he failed to honor his obligations. She also barred Maariv's trustees from selling off any more of the company's assets until an assembly of creditors approves the agreements. (Nati Tucker )

Jerusalem zoning committee signs off on new master plan for Talpiot

The Jerusalem District Planning and Building Committee has approved a new master plan for the Talpiot industrial area, in southern Jerusalem. It adds 600,000 square meters of new construction and provides for a broader mix of uses for the area. The new plan allows the construction of some 3,500 new residential units on the fringes of the industrial area, and larger sections for offices, industry and commerce. The municipality is behind the plan, which aims to boost the area as a center of shopping, entertainment and industry. The idea is to clearly separate the residential, business and industrial parts of the neighborhood while permitting the operation of high-tech companies, academic institutions, offices, banquet halls, movie theaters, health clinics and art galleries. The plan includes the creation of a park along the old railroad tracks. (Ranit Nahum-Halevy )

Two start-ups raise a total of $6.4 million

The start-up company Cloudyn is in advanced stages of raising $4 million. The company, which develops tools for monitoring and optimizing cloud-based computing services, has not revealed the identity of the investors. In its previous funding round Cloudyn raised $1.3 million from Elron, the high-tech investment arm of IDB. PolyPid, another Israeli startup, meanwhile said it had completed its third funding round worth $2.4 million. The new round values the firm at $17.4 million. The funds will be used to continue investment in research and development and the clinical trials of its targeted drug delivery platform. Last January PolyPid completed a NIS 7.6 million funding round. The company said it had received positive preliminary results from its first clinical trial of its BonyPid platform. (Inbal Orpaz )