General Electric, bidding for tenders by the Ministry of Defense and Israel’s national carrier El Al for the supply of aircraft engines, told Israeli officials that it is planning to expand its business cooperation in Israel by hundreds of millions of dollars.
"Globes" has learnt that, in view of Ministry of Defense requirements, cooperation will involve mainly Israeli engine makers: Blades Technology, Beit Shemesh Engines, Carmel Forge (fully owned by GE’s rival, Pratt & Whitney), Israel Aircraft Industries, and Ashot Ashkelon Industries.
In the last few days, GE and Pratt & Whitney, which are bidding for tenders by Israel’s defense industries and its national carrier, increased their cooperation with the Ministry of Defense and the Industrial Cooperation Authority. In the last two days, Pratt & Whitney held a conference, in cooperation with the Ministry of Defense, at which Israeli manufacturers were instructed on how to streamline manufacturing processes and rationalize plants.
GE’s representatives made clear to the Israeli authorities that the company plans to expand its operations in Israel into investments in venture capital funds, joint ventures with Israeli companies, joint R&D, and assistance in marketing and procurement.
Published by Israel's Business Arena June 21, 1999
Police Checking Whether Martin Frenkel or His Money Are in Israel
Interpol presented Israel with a request for the detention of Martin Frenkel, who is suspected of having embezzled at least $200 million from insurance companies and other firms in the US. Frenkel has been declared a fugitive from justice.
In the last two days, investigations were conducted in order to find whether Frenkel had arrived in Israel. Preliminary checks were made on whether funds had been deposited on his name in Israeli banks. The police has imposed a blackout on the issue. Officially, it was reported that an Iterpol request had been made for assistance in Frenkel’s detention, should he arrive in Israel.
Published by Israel's Business Arena June 21, 1999