The “Yediot Ahronot” Hebrew daily reports that leading international corporations are continuing to come to Israel. US concern 3M will establish its first fully-owned plant in Israel. 3M Israel branch managing director Terry Kerby said that the new plant will be the first stage of the company’s plan to develop manufacturing operations in Israel. He said that the decision to establish the plant was made despite the current security situation, based on a long-term perspective.
The new plant will be built in the Negev at an $8 million investment, and is expected to employ 40 people. The plant will manufacture sophisticated packaging material for Israel’s electronics components industry, including plastic rolls with special pockets into which the components are placed.
Currently this kind of packaging is imported from 3M plants in France and the US. 3M is negotiating with one of its larger Israeli customers, components manufacture Vishay Intertechnology, to sign a purchasing contract with the Israeli plant. The concern also submitted a request to the Ministry of Industry and Trade Investments Promotion Center for “approved plant” status.
3M is a leading US corporation with annual sales of $15 billion, employing 70,000 people in 60 countries. 3M manufactures 15,000 different products for industry, fire fighting, consumer and office use, graphics, bandaging materials and electronics. The company is famous in Israel and across the world for its “Post-It” brand of memos. 3m is traded on the New York Stock Exchange at a company value of $43 billion
3M opened an Israeli office five years ago that concentrates on the office equipment market, although the office has actually been active in supporting and providing services for the company’s imported products. 3M also has a stake in Israeli company BATM, which develops data communications and electroptical equipment.
Published by Israel's Business Arena on 17 January 2001