NEW YORK (Jul. 17)
Two million pairs each of synthetic shoe soles and heels will be produced annually in Israel in a new factory scheduled to be completed before the end of this year, it was announced here today.
Three firms have executed a contract providing for an equal one-third investment in the new enterprise and entitling each participant to a one-third interest. The initial capital investment for the new undertaking will exceed $400,000. The initial annual saving to Israel in foreign exchange will approximate $600,000. One of the three firms is the Palestine Economic Corporation and the other two are private corporations.