July 27, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Hadera Paper Ltd. (AMEX: AIP) said that its wholly owned subsidiary, Amnir Recycling Industries Ltd., has signed an agreement with an unrelated third party, for the sale of the leasing rights to a plot of land covering 9,200 msquared located in Bnei-Brak, Israel in return for a sum of NIS 20 million, to be paid in installments until the transfer of possession over the property.

The agreement is subject to the approval of the company’s board. The agreement also grants Amnir the right to cancel the agreement in the event that the taxation rate exceeds Amnir's estimates, unless the buyer would assume payment of the difference.

Amnir plans to vacate the property in early 2011, upon transferring its operations to a new logistics center in Modiin.

Following the transaction, the company expects to report net capital gains of around NIS 14 million.

Israel-based Hadera Paper was established in 1951 by a group of American investors who intended to form an independent Israeli industry that would replace import. The company is currently engaged through its subsidiaries in the manufacture and sale of a range of products including printing and writing paper, packaging paper, corrugated board containers and packaging for consumer goods, household consumer products including disposable paper products and diapers, hygiene products and additional disposable consumer products.

The group engages in the marketing of office supplies to the institutional and business sectors.

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