SodaStream Stock Plunges Amid Controversy
Image by getty images
SodaStream, under fire for operating a factory in the West Bank, has seen its stock drop to the lowest level in more than a year.
The Israeli company’s stock price on the New York Stock Exchange fell 3.3 percent on Monday to$35.34.
On Jan. 13, the share price dropped 26 percent after the manufacturer of home soda-makers failed to meet projected earnings for 2013, according to Bloomberg. It was also the first day of trading after the company signed actress Scarlett Johannson as its first global ambassador.
Johansson late last month resigned from the humanitarian organization Oxfam following a protracted debate over her employment with SodaStream.
Company CEO Daniel Birnbaum said earlier this week that the Israeli government had reneged on a deal to provide millions of dollars in aid to the company in order to expand its factory in the Negev, within the 1967 borders. He said the company would scale back its planned expansion.
Birnbaum has said the company will not abandon its West Bank factory in Maale Adumim, which employs Israelis and Palestinians.
A message from our CEO & publisher Rachel Fishman Feddersen
I hope you appreciated this article. Before you go, I’d like to ask you to please support the Forward’s award-winning, nonprofit journalism during this critical time.
At a time when other newsrooms are closing or cutting back, the Forward has removed its paywall and invested additional resources to report on the ground from Israel and around the U.S. on the impact of the war, rising antisemitism and polarized discourse.
Readers like you make it all possible. Support our work by becoming a Forward Member and connect with our journalism and your community.
— Rachel Fishman Feddersen, Publisher and CEO
