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1989 190E
$11,250*
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*1989 190E equals one payment $11,250 plus $6,300 purchase option price
plus tax, license plate and fees. Includes 3 year powertrain warranty.
incentive program, it makes Is-
rael less attractive. Thirty-eight
percent was a proper, competi-
tive grant," Mr. Morgenstern
said, referring to the govern-
ment's original grant program.
Going to 34 percent was not
necessarily disastrous, he said,
"but the fashion in which it was
done and the timing" made the
government less credible.
"One reason for Tower's suc-
cess is a certain degree of credi-
bility within the Wall Street
community," he said.
Two other companies are plan-
ning to invest in the project in ad-
dition to Tower, which plans to
invest $650 million.
Semiconductor factories are ei-
ther built in countries with good
infrastructure, near major mar-
kets with a professional work-
force, or in countries offering
substantial government subsi-
dies, said co-general manager
Yoav Nissan Cohen.
"In order for Israel to be an at-
tractive location, the government
should create a new package of
incentives built not only on fi-
nancial grants," Nissan Cohen
said. Incentive packages else-
where, he said, included such in-
direct subsidies as land allocation
and job training.
Heinz Partners
With Vita
Jerusalem (JPFS) — H.J. Heinz
Co., the Pittsburgh-based food
processing giant, plans to launch
a strategic partnership with food
producer Vita of Ramat Gan, in
the framework of Heinz's
planned expansion of operations
in the Middle East, food industry
sources said.
According to an industry
source, the two companies en-
tered serious negotiations sever-
al weeks ago following the
Belgium DL decision to termi-
nate its franchise agreement with
Vita and transfer the rights to
Elite Industries.
DL, which is owned by soup
manufacturer Campbell, has
products similar to Vita's.
Vita marketing manager and
owner Yoram Berger denied pub-
lished reports that the two com-
panies are in advanced
negotiations. A company
spokesperson refused to elabo-
rate on the issue.
During the last few years,
tough competition abroad and
relatively low earnings from lo-
cal production led Vita to shift
some of its activities to imports.
The company currently manu-
factures and imports jams, soups
and sauces. A strategic partner-
ship with Heinz is expected to
give the private company the fi-
nancial leverage needed to grow
and expand its operations.
Heinz, according to industry
insiders, is interested in taking
advantage of Vita's strong dis-
tribution network in Israel and,
in the future, to expand to other
countries in the Middle East. To-
day the company's products are
distributed through Food Line,
which markets the baby-food line
of products, and Wissotzky,
which recently received the ex-
clusive rights to Heinz sauces.
Heinz representatives visited
Israel several months ago to find
potential strategic investors.
Among the companies looked at
was Koor Industries' Agro Food
division, which includes Pri
Ha'galil and Yona.
Israel, Egypt
Business Activity
Jerusalem (JPFS) — The Israel
Chamber of Commerce and the
Egypt Business Association
signed a cooperation agreement
aimed at expanding business ac-
tivity between the two countries.
"Egypt is a very important
trade partner, and it's very en-
LEADING ISRAELI STOCKS
TRADED ON U.S. EXCHANGES
Symbol
Name
Exchange
Feb. 23
Mar. 1
Change
SCIXF
ECILF
TEVIY
IEC
ELBTF
ELT
ELRNF
TAD
CMVT
ISL
Scitex
EC I Telecom
Teva Pharm
PEC Israel
Elk Computers
Elscint LTD
Elron Electronics
Tadiran
Comverse
First Israel Fund
NASDANM
NASDANM
NASDARIM
NYSE
NASDANM
NYSE
NASDACI\NM
NYSE
NASDARIM
NYSE
16.13
'26.25
M2.88
$21.88
'15.50
'2.25
'12.81
'24.63
'24.00
'182.63
'16.06
'25.13
'43.00
'21.50
'15.88
'2.38
'12.00
'24.75
'24.50
'12.63
(ON)
($1.12)
'0.13
(s0.38)
'0.38
'0.13
(s0.81)
'0.13
'0.50
'0.01
5
Source: Allen Olender, Prudential Securities,
West Bloomfield.