Formation of a company capitalized at $1,000,000 to establish and operate a modern steel construction plant in Israel, was announced this week-end by Lawrence Schacht, president of the Schacht Steel Construction, here.
“The plant will be designed to meet the diversified steel needs of the rapidly-growing Jewish state,” Mr. Schacht declared. “It will be equipped with the newest American machinery.” Mr. Schacht recently returned from Israel after preliminary exploration of the steel construction field there. Two of his associates, Samuel Schacht and Henry F. Pine are schoduled to fly to Israel today to complete final arrangements.
“I expect that ground will be broken for the plant within three months,” Mr. Schacht declared. “My visit to Israel has impressed me with the enorrous potentialities of the country. The government has offered us impressive concessions and the Israel Prime Minister recently stated that one of the six basic points in the new economic policy was the encouragement of private capital enterprises through special concessions.”
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