A group of New York investors headed by Irwin S. Meltzer has purchased the Israeli government’s majority interest in the Rogosin rayon mill at Ashdod. The Americans paid $6.6 million for 78 percent of the company’s stock of which $1.4 million is in cash and the balance is to be paid in six equal installments at eight percent interest. Meltzer signed the sales agreement yesterday on behalf of the buyers. Finance Minister Pinhas Sapir signed for the Israel government. According to Meltzer, a shareholder in the Rogosin mill since its inception and an active member of its board of directors, the plant will begin shortly to manufacture nylon products from the nylon yarn it now produces. He said almost all of the production will be for export which he expects to reach $2 million within a year.
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