NEW YORK (Dec. 15)
Directors of American Israeli Paper Mills, Ltd. have declared the regular quarterly dividend of six and a quarter cents on the American Depositary Receipts which are traded on the American Stock Exchange, Joseph M. Mazer, chairman of the board, reported today.
The dividend is payable on January 21, 1960 to stockholders of record December 21, 1959. Each ADR is equivalent to five shares of ordinary Israeli stock, on which the company has been paying regular dividends of five cents annually for the past five years.
Mr. Mazer announced that the company, which was the first Israeli-incorporated company to be listed on stock exchanges in the United States, is now in the final stages of a $12,000,000 expansion program. This program, which is expected to be completed in the early part of 1960, includes an expansion of the company’s existing paper machine, a second paper machine, a pulp mill, which will be Israel’s first, and additional converting facilities.
Addition of the new and expanded facilities will enable American Israeli Paper Mills to produce a larger variety of paper grades and to market consumer goods such as towels, napkins, and toilet tissue under its own trade name,” Mr. Mazer said. At the present time, American Israeli Paper Mills supplies about 40 percent of Israel’s total paper needs, estimated at some 45,000 tons annually.