Vishay Electronics puts plans for Jordanian joint venture on hold

Published October 24th, 2000 - 02:00 GMT

Vishay Electronics has temporarily stopped its plans to construct a  

facility in Jordan for manufacturing electronic components, the president of  

Vishay Israel, Marc Zandman conveyed. 

 

The plans to build the new electronics factory were originally made in  

partnership with Omar Saleh of Jordan's Century Investment Group. 

 

The recent deterioration of the security climate has raised questions about  

the stability of joint ventures between Israel and its neighbors. Israeli  

entrepreneurs fear that an escalation of hostilities in the territories  

would create pressure to close these joint ventures. As a result of the  

recent escalations in violence, several Arab nations have called for the  

cessation of all economic cooperation with Israel. 

 

However, Vishay Electronics does not acknowledge that the instability caused  

the plan's deferral, Ha'aretz reported. "There is no connection at all  

between the security incidents and our investment plans in Israel," Zandman  

stressed. "On the contrary, we are urging the Industry and Trade Ministry to  

expedite its handling of these [plans]," he added. 

 

We were close to the end of the planning stage of the project and at the  

last moment put it on hold, until we feel sure," Zandman explained. Zandman  

added that Vishay will maintain contact with Saleh and reactivate plans to  

build the facility when the situation stabilizes. 

 

We're not in a hurry. We'll take our time until we don't have to wonder 

whether the employees will report to work or if there will be attacks  

against the factory," Zandman said. 

 

Saleh, a Jordanian entrepreneur, was one of the first Jordanian  

businesspeople to organize and taken on joint ventures with Israel following  

the signing of the Jordan-Israel peace accord. Saleh expressed his  

conviction that other high-tech companies would follow Vishay's lead and  

help realize King Abdullah's vision of developing a high-tech industry in  

Jordan. 

 

Vishay Intertechnology, Inc., is the largest U.S. and European manufacturer  

of passive electronic components and a leading producer of discrete  

semiconductor components. — (Albawaba-MEBG) 

 

 

© 2000 Mena Report (www.menareport.com)


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