Israel Equity Ltd., controlled by US billionaire Morton Mandel, is investing NIS 80 million in the glass bottle plant of Phoenicia America-Israel (Flat Glass) Ltd. in Yerucham. The investment includes a grant of NIS 20 million from the government's Israel Investment Center.

The investment will create 50 new jobs and bring the factory's workforce up to 280. The investment will also increase Phoenicia's production capacity from 1 million to 1.5 million bottles per day with the surplus directed to exports.

Israel Equity acquired the company five years ago and has since invested NIS 60 million in Phoenicia.

Published by Globes, Israel business news - www.globes-online.com - on August 1, 2010

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