NEW YORK (May. 24)
The Palestine Economic Corporation announced today that American Israeli Paper Mills, Ltd. has declared an interim, initial dividend for 1955 of one and a quarter cent per share which puts the stock on a 5 percent yield basis. American investors will receive their dividend checks shortly. The $4,000,000 enterprise, located in Hadera Israel, began production in the spring of 1954. Within the first year of its operation it reached an output of over 90 percent and is now operating at full capacity.
“On the basis of the current level of production it is saving Israel a dollar expenditure of approximately $1,000,000 per year. Plans are under consideration to expand the plant considerably,” the announcement said. The “Mazer-PEC Paper Mill” was jointly established by the Palestine Economic Corporation; the Mazer family of Hudson Pulp and Paper Corporation of New York; Israel Enterprises, Inc. and other investors.