After hitting a dead end during collective bargaining, workers at the Israeli biopharma company Kamada walked off the production line on Wednesday afternoon.
- Former Israeli Biopharma Executive Indicted for Insider Trading
- Kamada Raises $51.6 Million in Nasdaq IPO
- Kamada Shares Slide After It Raises $51.6 Million in U.S. IPO
Kamada, which has made lists of the promising companies in Israel, manufactures at the Beit Kama intersection in the Negev Desert. It recently floated stock on Nasdaq and is on the Deloitte Technology Fast 500 list for 2012
Dozens of employees walked off the production lines after management refused to sign a collective employment agreement.
The company has a payroll of 300, on the basis of individual contracts.
Negotiations between Meir Babiof, the Histadrut labor union’s chairman in the Negev, negotiating on behalf of the workers, and the management of Kamada, owned by businessman David Tsur, the company’s CEO, recently ran aground.
Kamada, considered one of Israel’s most promising biomedical companies in 2013, is listed on the benchmark Tel Aviv 100 index. It also recently floated stock on Nasdaq. In 2012, it made the prestigious Deloitte Technology Fast 500, a list ranking the fastest growing companies in Europe, the Middle East and Africa in the fields of technology, media, communications, life sciences and cleantech.
The company’s employees have been organizing for the past eight months. Several weeks ago, the Histradrut declared a labor dispute, a step that allowed the country’s largest labor union to strike the company after two weeks.