"After extensive staff work by the Defense Ministry in collaboration with the Government Companies Authority and the Finance Ministry, we passed a decision to privatize some of IAI's shares in the Ministerial Committee on Privatization," said Gantz.
He added, "In recent months, I have promoted the move together with the ministry's staff in a way that balances the need to promote the aerospace industry and its business dealings with world markets and the preservation of the capabilities and security interests of the State of Israel and its resources.
"In this context, we have come to the conclusion that the government decision will result in the resources that will come from the purchase of the company's shares, mostly invested in a development program that will advance the company and lead to the employment of hundreds and thousands of employees in the future. We also worked to preserve the secrets of the state and the sensitive processes that take place within the aviation industry as part of the move.
"The Defense Ministry, under my leadership, will continue to monitor the process and ensure that it is done responsibly, efficiently and while serving the security, economic, and market needs of the State of Israel."