Establishment of a rubber manufacturing company in Israel to produce tires, tubes and allied products was announced here today by Arthur Lourie, Consul-General of Israel, and Cyril F. O’Neil, vice-president in charge of foreign operations of the General Tire & Rubber Company of Akron, Ohio.
The new company, which will be known as the General Tire & Rubber Company of Israel, will have an approximate capitalization of $2,000,000. “Plans for the company’s operations in Israel are similar to our successful operations in Chile, Venezuela, Portugal, South Africa, Mexico and Canada,” Mr. O’Neil said. “Our operations in these countries, where we are minority stockholders but supply the plant management, technical ‘know how,’ formulas and processes, have been excellent. The capital for this new company will be supplied by American and Israel investors,” he added.
Mr. Lourie welcomed the decision of the General Tire firm to enter Israel’s economy “as new and gratifying evidence of the interest of American investors in Israel’s development.”
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