Israel Shipyards

The company was founded in 1959 by the State of Israel to build both military and civilian ships, and to provide marine engineering upgrade, maintenance and repair services. In 1995, following years of underperformance and continued losses under state ownership, the company was privatized and sold to a group of local investors who, since 1998, have returned it to profitability.^[3]

Israel Shipyards is controlled by the Shlomo Group (TASE:SHLD), a holding group owned by businessman Shlomo Shmeltzer.^[3]

In May 2013 Israel Shipyard unveiled a new ‘Mini Corvette’ design, the Sa'ar S-72 class; to offer the Israeli Navy a new class, which fits between the Navy's existing Sa'ar 4.5-class missile boats, and Sa'ar 5-class corvettes. Through the years Israel Shipyards have built 40 Sa'ar-class missile boats; 20 were delivered to the Israeli Navy over the years. Last to be delivered were two upgraded Sa'ar 4.5 Hetz-subclass missile boats called INS Herev (2002) and INS Sufa (2003). With the new Mini Corvette the shipyard hoped to expand its offering to meet the evolving requirements, of the Israeli Navy, as well as of international customers overseas.^[4]