Electra wins NIS 3.1b contract for new New York jail

Impression of new jail in Queens, New York  credit: STV Incorporated
Impression of new jail in Queens, New York credit: STV Incorporated

Two Electra subsidiaries will plan and install the electro-mechanical systems in a new jail to be built in the borough of Queens.

Electra (TASE: ELTR) will take part in the construction of a new jail in the New York borough of Queens. Two Electra subsidiaries, Hellman Electric and F.W. Sims LLC, will be responsible for the electro-mechanical systems in the new jail, being built at a total cost of some NIS 15 billion. The share of the two Electra subsidiaries in the project will be worth NIS 3.1 billion, which is double Electra’s entire revenue from electro-mechanics for the whole of last year.

Electra operates in five sectors: building and infrastructure projects in Israel; building and infrastructure projects overseas; operating, service and maintenance; real estate development; and franchises. Within the building and infrastructure projects sector, the company carries out electro-mechanical work both in Israel and overseas. In the US, Electra entered this field in 2019, through Electra USA, which holds the two companies selected to carry out the work on the new jail.

Hellman Electric will carry out all of the electrical work on the project, while F.W. Sims will carry out most of the mechanical work. Electra says that the planning for the project will start immediately, and that construction is expected to take until 2030. Electra group CEO Itamar Deutscher said, "The selection of Electra USA to plan and carry out the works consolidates the company’s positioning as a leading player in electro-mechanics in the US in general and in New York in particular. The project is one of the biggest electro-mechanical projects in the US. This represents a significant step up for the business of Electra in the US, and is in line with our strategy of expanding Electra Ltd.’s activity in the US and around the world."

Electra recently announced two other projects in the US, though on a much smaller scale. One is the lighting in the new Terminal One building at New York’s John F. Kennedy International Airport, for NIS 362 million. The other is the mechanics work at the New Highmark Stadium of the Buffalo Bills National Football League team in New York, for NIS 218 million. 

Published by Globes, Israel business news - en.globes.co.il - on August 19, 2024.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.

Impression of new jail in Queens, New York  credit: STV Incorporated
Impression of new jail in Queens, New York credit: STV Incorporated
Arik Faingold credit: Nati Levi Israeli autonomous frontend co AutonomyAI raises $4m

Led by Arik Faingold, the founder of cybersecurity unicorn Pentera, AutonomyAI offers a platform that learns and understands the full organizational context and generates code that can be deployed directly to the production environment.

British Airways aircraft  credit: Shutterstock/Jarek Kilian Tel Aviv - London fares to fall as British Airways resumes flights

From June there will be 20-32 weekly flights operated on the popular Tel Aviv - London route by foreign airlines - British Airways, Wizz Air and easyJet.

Partner Partner forms int'l business diivision

The division will be headed by former Bezeq International VP Global Business Nissan Arieh.

Caesarstone kitchen credit: Caesarstone Caesarstone bucks Nasdaq as tariffs boost potential

The Israeli quartz countertop manufacturer company has fallen on hard times due to Chinese rivalry but tariffs could boost its revenue.

ZIM ship credit: ZIM Trump's tariffs torpedo ZIM's share price

ZIM's share price fell 16.4% on Wall Street on Thursday and a further 7.2% on Friday, closing with a market cap of $1.5 billion, wiping out all its gains in 2025.

Israeli apartments Credit: Shutterstock Apartments sold and rented

A selection of recent real estate deals in Israel in Tel Aviv, Holon, Rehovot, Kiryat Tivon, Shlomi and Beersheva.

THAAD anti missile system credit: The US Army Ralph Scott Wikimedia US deploys more THAAD, Patriot batteries in Israel - report

Amid rising regional tensions the US is bolstering Israel's air defense, Saudi state-owned TV channel Al Arabiya reports.

Tel Aviv Stock Exchange credit: Shutterstock TASE tumbles in Wall Street's wake

Dual-listed stocks have again been hard hit, but the banks are also down sharply.

Donald Trump and Benjamin Netanyahu credit: Avi Ohayon Netanyahu due in Washington to discuss tariffs

According to news website Axios, Prime Minister Benjamin Netanyahu will be the first leader to meet President Trump after the latter's announcement of sweeping import tariffs.

Yoni Assia CEO eToro Credit: PR eToro defers IPO amid market turmoil

The online trading platform had planned to begin meetings with investors this week.

Minister of Finance Bezalel Smotrich credit: Shlomi Yosef Smotrich meets wrong man in Washington

Minister of Finance Bezalel Smotrich tried to persuade Secretary of the Treasury Scott Bessent to soften the tariff blow on Israel - only Bessent isn't responsible for the matter.

Unframe founders credit: Yossi Yarom Israeli AI enterprise platform co Unframe raises $50m

Unframe’s turnkey AI solutions enable companies to solve any enterprise AI use case at scale with fully functional, customized AI solutions for businesses in a matter of hours, rather than months.

Combatica credit: Combatica Combatica launches next-gen VR AI training platform

The Israeli company's virtual reality platform includes 50 AI generated scenarios, seven maps and even situations for operating night vision.

Shekel credit: Shutterstock Vladirina 32 Shekel volatility after US tariffs announcement

The shekel is weakening sharply against the euro, which is gaining following the unveiling of Donald Trump's tariffs plan.

Minister of Finance Bezalel Smotrich credit: Noam Moskovitz Knesset Spokesperson Treasury assesses potential damage to Israel's US exports

Israel will be charged a higher tariff on its exports to the US - its biggest export customer - than Turkey and the UAE.

Iranian flag credit: Shutterstock Why inflation haunts Iran

With a month-on-month increase of 3.3% and an annual rate of 37.1%, inflation reflects the struggles of millions of Iranians.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018