Israel plans to privatize loss-making Israel Military Industries Ltd (IMI), manufacturer of the legendary Uzi submachine gun, Defence Minister Moshe Yaalon said on Wednesday.

“I am pleased at the green light for the privatization of IMI,” Yaalon said in a statement, explaining that, despite its “excellent products,” the company had losses that did not permit its survival.

IMI will be split up, with certain parts folded in to a new state enterprise for reasons of “vital national security,” according to Globes business daily. […]