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American Tire Firm Invests $8.5 Million in Hedera Branch in Israel

An $8.5 million investment in the Alliance Tire and Rubber Co. of Hedera was announced by the firm’s Akron, Ohio partners today at a reception given by Finance Minister Zeev Sharef who is also Israel’s Minister of Commerce and Industry. The Americans said the investment would be spread over three years and would increase the factory’s productive capacity by 80 percent. About one-third of the Alliance output is exported and the balance is absorbed on the local market and by Israel’s foreign automobile assembly plants.