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American Israeli Paper Mills Acquires Interest in Major Israeli Publishing Firm

American Israeli Paper Mills Ltd., announced today that it had acquired a 50 percent interest in the Israel Program for Scientific Translations which it described as Israel’s largest publishing house. The acquisition was made from Clal Israeli Investment Company Ltd., for an undisclosed amount of cash. Clal will retain the remaining 50 percent.

American Israeli Paper is Israel’s largest paper manufacturer with sales in excess of $17 million annually. Its stock is traded on the American Stock Exchange. The publishing house, established in 1959, has 360 full-time employes, including an editorial staff of 125. Its sales last year totalled $1.43 million of which $1.1 million was in export sales.