"Globes" has learned that US concern Lockheed-Martin has decided not to enter a project for setting up an maintenance center for passenger airplanes initiated by ex-MK Yoash Tsidon, father of former Chief Scientist Orna Bari.
The investment is necessary to realize the plan, the cost of which is estimated at $105 million. Of this sum, $80 is for setting up the center and $25 million for working capital and operation. The center is planned to be near the Nevatim base.
The Lockheed-Martin business development manager confirmed the report. He said investment in the venture had, in fact, been considered, but that Lockheed-Martin prefers to enture cooperative ventures in Israel with local companies, rather than investing directly.
The Ministry of Industry and Trade recently approved the conditions for setting up the venture, which is expected to create 1,500 jobs. The Ministry examined the requirements of the bodies involved in the venture, including the Ministry of Defense, the Israeli Air Force, and the Civil Aviation Authority.
Tsidon has been trying to advance the project for ten years, but all his efforts to date to find a strategic investor have failed. Tsidon is negotiating with two groups of investors, and must present a business plan to the Ministry of Industry and Trade detailing his plan of action.
Published by Israel's Business Arena on July 4, 2000