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January 21, 1994 - Image 42

Resource type:
Text
Publication:
The Detroit Jewish News, 1994-01-21

Disclaimer: Computer generated plain text may have errors. Read more about this.

12 MONTH CERTIFICATE

3.500%
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Rate
Rates.

INTEREST
RATE

A.P.Y./ *

These are fixed rate
certificates of deposit
that are insured by
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24 MONTH CERTIFICATE

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INTEREST
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Bloomfield Hills. MI 48302

* Annual percentage yield when compounded quarterly. Rate is accurate as of 1/21/94.

Penalty for early withdrawal from certificate accounts may be assessed.

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ISRAEL'S No. 1

Business

ISRAEL DIGEST

Specially compiled by The Jerusalem Post

—$1 EQUALS 2.9820 NIS (shekels) - Close Price 12/31/93 —

Davidson, Hermelin Open Plant

Prime Minister Yitzhak Ra-
bin attended the inauguration
last week of the new Phoeni-
cia America Israel dassworks
company owned by Detroit
businessmen William' David-
son and David Herraelin.
The company is located in
the Zipporit industrial zone in
the Galilee.
Mr. Rabin said the official
opening of the new industri-
al complex, employing 400
full-time workers and at least
another 200 in supporting
jobs, was the best tonic he
could imagine.
The concern, reputed to be
one of the largest private
American investments ever in
Israel, replaces the existing
Phoenicia America glass man-
ufacturing plant in the Haifa
bayside district.
The old factory, which is
due to be shut down com-

pletely by the end of next
month, employed 180 people,
all but 20 of whom have been
transferred to the new high-
tech facility at Zipporit, near
Nazareth.
Mr. Davidson owns the
Guardian Industries glass pro-,
duction and fabrications plant
in the United States, which
has an annual turnover of
more than $1 billion.
Phoenicia America-Israel
general manager Oded Tira
said that the new plant, when
in full operation, will produce
450 tons a day of float glass,
five times more than its pre-
decessor.
Mr. Tira said the plant's
goal was to export 70 percent
of its products - mainly to Eu-
rope, the United States, Aus-
tralia and South Africa —
with the remainder being sold
to the local market.

Carmel Forge Signs U.S Deal

Cannel Forge has signed a
deal worth $34 million with
U.S. jet engine manufactur-
er Pratt & Whitney for the
supply of engine parts.
The agreement, for produc-
tion of elements of P & W com-
mercial jet engines, was
signed last week by the two
sides. The deal also stipulates
that if the Israel Air Force
chooses the Lockheed F-16 or
the McDonnell Douglas F-15E
as its future fighter jet aircraft,

Cannel Forge will supply en-
gine parts for it.
The agreement with P & W
is part of the U.S. company's
industrial cooperation pro-
gram with local industry.
Among the larger deals P & W
has signed with local manu-
facturers in the past six
months are $80 million in con-
tracts with Nahariya's Blades
Technology and $30 million in
contracts with Beit Shemesh
Engines.

El Al Expects Lower Profits

Preliminary ftgures indicate
that El Al expects a profit last
year of between $12 million
and $15 million, company
spokesman Nachman Klei-
man said.
He pointed out that al-
though this was less than the

$30 million the company made
in 1992, it was still one of the
few airlines in the world to end
the year in the black.
Those airlines which did not
lose money also experienced a
dwindling profit margin, he
said.

Tosaf, Degussa Sign Deal

Tosaf Compounds has reached
an agreement with Germany's
Degussa to produce plastic
compounds using Degussa's
technology, the company an-
nounced last week.
According to the letters of
intent exchanged in Decem-
ber, the Afula-based firm will
produce Degussa's specialized
compounds under license in
return for purchasing raw
plastic materials from them.
Tosaf said it is planning to

build a new production line by
the end of the year for pro-
ducing the compounds.
According to Tosaf, there
are no local producers for the
product, which is used in ir-
rigation plastics, packaging
materials and electronics plas-
tics.
The company reports that
some 3,000 tons are imported
annually, with each, ton hav-
ing a price of about $1,500 per
ton.

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