TEL AVIV (Jan. 18)
Israel will spend less foreign currency for paper after operations begin in the Jewish State of a paper mill constructed by a group of American investors, headed by Joseph Mazer of New York, and sponsored by the Palestine Economic Corporation, it was announced here at a press conference today.
Mr. Mazer and Joseph Sugerman, the two American Jewish philanthropists who are engaged in the project, told the representatives of the press that the mill is being constructed near Hadera, on the main road between Tel Aviv and Haifa. A special railway spur will connect the mill with the main line which is essential for the plant.
The capital investment for the enterprise reaches $2,500,000 and 1,000,000 Israeli pounds, it was revealed at the conference. The mill will start production during 1953 and its output will cover a half of Israel’s consumption Raw material will be brought from Finland. Most of the equipment has already been ordered and will be shipped to Israel in November.