American Firms to Produce Synthetic Shoe Soles in Israel
Menu JTA Search

American Firms to Produce Synthetic Shoe Soles in Israel

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.