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PAYMENT FOR CALLS UNITS AT THE END OF THE RENTAL PERIOD USA & CANADA MERCURY LINCOLN 445-6000 RESERVATION & PREPAYMENT.: 800-938-5000 IN NY": 212-629-6090 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.