Phoenicia America-Israel (Flat Glass) has begun building a factory to produce triplex glass (a form of laminated glass) in the Zippori industrial zone in the Galilee at an NIS 18 million investment. The triplex glass protects against bullets and shock waves, as well as hindering break-ins.
The new factory is expected to achieve NIS 100 million in sales a year, 90% of which will be exported, and increase Phoenicia America-Israel's workforce of 280 by ten. The Investment Promotion Center made the factory eligible for grants under the development area A track.
The factory will begin partly operating next month and will launch full operations in October. Phoenicia America-Israel president Oded Tyrah said demand for triplex glass was growing, which was why the company decided to expand its previously small-scale production.
Phoenicia America-Israel's sales for all glass products rose by a record 20% in January-April 2004, thanks to the increased production of its glass-smelting kiln. The company expects sales to reach NIS 400 million this year, of which 82% will be exported.
At the same time, Phoenicia America-Israel's exports of laminated glass rose by 40% to NIS 100 million. Tyrah said laminated glass would be exported to Kenya and Tanzania, where the company recently opened commercial relations, as well as other countries.
Phoenicia America-Israel is completing NIS 12 million in laminated glass deliveries to the Ben Gurion Airport 2000 project.
Phoenicia America-Israel is controlled by Bill Davidson, recently mentioned as a possible buyer of the controlling interest in Israel Discount Bank (TASE:DSCT).
Published by Globes [online] - www.globes.co.il - on May 5, 2004