NEW YORK (Mar. 27)
Announcement of a $9,000,000 expansion program for the American-Israeli Paper Mills at Hadera, Israel, was made here today by Pinhas Sapir, Israel’s Minister of Commerce and Industry, and Joseph M. Mazer, chairman of the companys board of directors. The program will double the company’s present production capacity.
The firm’s mill in Israel supplies 40 percent of the country’s newsprint, book, bond and kraft papers and other paper products. A second paper mill will be built under the expansion program, and a pulp mill be installed to make it possible to use as raw materials various domestic agricultural residues and other by-products heretofore considered useless.
The expansion program will also double the number of employes, from 200 to 400, and will furnish indirect employment to 500 other workers. Israel will be saved $4,000,000 a year in foreign exchange; the company has been saving Israel $1,000,000 a year in foreign exchange until now.