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Shekel At Bottom
Of Bank's Range
Jerusalem (JPFS) — The Israeli
shekel's exchange rate hit the low-
est end of the Bank of Israel's self-
imposed band, which allows the
currency to trade freely in a range
of up to 7 percent above or under
the median point of its diagonal
of expected inflations in the ma-
jor industrialized economies.
This means that the shekel is
at the point where the central
bank would consider it excessive-
ly strong, and consequently in-
tervene in trading — by selling
shekels for foreign currency — in
order to weaken it.
On Jan. 16, the U.S. dollar
could buy 3.62 shekels.
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To Open Center
@ Stk# D7204
Upfront Pay Only $6549°Q
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Israel Joins
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Jerusalem (JPFS) — Analog De-
vices, Inc., a Massachusetts-based
developer of integrated circuits,
will open a research and develop-
ment center in Herzliya, local rep-
resentatives of the company said.
Analog Devices employs about
6,900 people worldwide, and its
sales last year totaled $1.19 bil-
lion. In addition to Israel and
Massachusetts, the company has
manufacturing facilities in Cali-
fornia, North Carolina, Ireland,
the Philippines and Taiwan. Dur-
ing the first year of operation in
Israel, the company will invest $3
million to $4 million in the center,
which will employ 20 engineers,
the representatives said.
The engineers will be respon-
sible for developing the company's
next generation of digital signal
processing devices. These prod-
ucts are used in chips designed for
multimedia, radar, medical scan-
ner and cellular phone applica-
tions.
Analog Devices is a leading
manufacturer of precision, high-
performance integrated circuits
used in analog and digital signal
processing applications.
Most recently, the company an-
nounced the development of a
semiconductor for building cel-
lular phones that reduces product
development time, lowers system
costs and provides higher perfor-
mance.
Municipal
Bonds Listing
Receive Weekly Report
Jerusalem (JPFS) — The Inter-
national Monetary Fund has de-
cided to add Israel to its list of
industrialized countries, com-
mencing in April, the Bank of Is-
rael announced.
In a statement, the central
bank said it hopes the listing will
help Israel's chances of improving
its international credit rating and
general economic standing, which
is also dependent on the country's
future macroeconomic policy and
performance.
Currently, Israel is credit rat-
ed A3 by Moody's Investors Ser-
vice and A- by Standard and
Poor's. The higher Israel's credit
rating, the less interest it has to
pay when raising money on for-
eign bond markets.
The decision to include Israel
in the list was taken after the cen-
tral bank called on the IMF to re-c \ /
think the country's status.
The IMF informed the bank
that the decision was taken in
light of the ongoing, accelerated
changes in the economy.
South Korea, Singapore, Hong
Kong and Taiwan have also been
added to the IMF's "Ivy League"
states, a list which until now in-
cluded 23 countries, headed by the
United States, Japan and Ger- -`
many.
The standard of living, togeth-
er with economic and financial
market development, were given
as the reasons for the inclusion of
the five states.
Koor Agrees
To Sell Hanita
Jerusalem (JPFS) — Koor In-
dustries announced it has signed
an agreement in principal to sell
its 100 percent holding in Hanita
Metal Industries to the U.S.-based
Greenfield Industries, Koor in-
formed the Tel Aviv Stock Ex-
change.
The agreement was signed
about four years after the manu--,
facturer of industrial cutting tools
was close to shutting down be-
cause of large debts. Through in-
ternal restructuring, Koor has
turned the company around and
made it into a well-known brand
name on the local market and the
U.S. market.
Koor Chief Executive Benjamin
Gaon said the group's decision to
sell is in the framework of its phi- -\
losophy of focussing on core busi-
nesses and gradually selling lines
that don't fit with those areas.
Greenfield is one of America's
largest industrial cutting-tools
and related products manufac-
turers.
The public company, which is
traded in New York, completed
the first nine months of 1996 with -
sales of $384.1 million, up 28 per-
cent over the sameperiod last
year. The growth was mainly due
to acquisitions.
In the reported period, operat-
ing income reached $46.9 million
while net income reached $20.9
million.
Finalization of the agreement
is subject to the completion of due
diligence rules, signing of a more
detailed agreement and other ap-
provals, including the approval
of both companies' boards of di-
rectors.