TEL AVIV, Israel, January 27, 2015-

Facing severe financial difficulties, Hadera Paper said on Monday it had agreed to sell its stake in a joint venture making home paper goods to its partner, the U.S. Kimberly Clark Corporation, for 648 million shekels ($162 million).

The sale of Hadera's 49.9% stake in Hogla-Kimberly, which was put together in just a few days, will yield Hadera Paper a pre-tax gain of about 500 million shekels, the company told the Tel Aviv Stock Exchange.

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