Dollar Drop Hits Bronfman-Fisher

Cutbacks in exports lead to layoffs

Palace Industries, a Bronfman Fisher Investments subsidiary, has laid off dozens of workers in its export department. The move came following a decision to reexamine the company's export operations in light of the decline in the dollar/shekel exchange rate.

Several of the workers have been transferred to Bronfman Fisher's local operations.

Bronfman Fisher, controlled by Shalom Fisher and Matthew Bronfman, owns the controlling stake in Israel Discount Bank and IKEA Israel.

Palace specializes in manufacturing candles and related food-industry products, such as disposable dishes and tableware and aluminum foil pans.

At the beginning of July, outgoing Palace CEO Niv Zilberstein was temporarily replaced by deputy CEO Elisha Eitani.

In recent weeks, Palace's management has cut back on production for export, due to a decline in orders from overseas, and is focusing on increasing local sales.

The main benefactor of this change is the Polidor S. Plast plastics factory in Be'er Sheva, which has taken on several dozen new workers.