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AMERICAN ISRAELI PAPER MILLS LTD. IN JOINT VENTURE TO MARKET OFFICE SUPPLIES AND PAPER

 HADERA, Israel, Aug. 18 /PRNewswire/ -- American Israeli Paper Mills Ltd. (AMEX: AIP) announced today that it has entered into an agreement with Hamashbir Hamerkazi Israel Cooperative Wholesale Society Ltd. (Hamashbir) to establish a joint company to market office supplies and paper.
 The joint company will receive the customer base and agencies currently serviced by Hamashbir which has been engaged in marketing office supplies and paper. Hamashbir undertook to cease these activities and the joint company will commence its activities as of Sept. 1, 1993.
 The joint company will act in accordance with its business plan to be prepared and approved by its board of directors.
 American Israeli Paper Mills and Hamashbir will finance the joint company's activities according to their respective shareholdings: 70 percent - AIPM and 30 percent - Hamashbir.
 This transaction will not have a material impact on the financial condition of AIPM.
 -0- 8/18/93
 /CONTACT: Philip Y. Sardoff of Green Lind & McNulty, 908-686-7500/
 (AIP)


CO: American Israeli Paper Mills Ltd.; Hamashbir Hamerkazi Israel
 Cooperative Wholesale Society Ltd. ST: IN: PAP SU: JVN


LG-WB -- NY042 -- 3940 08/18/93 13:32 EDT
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Publication:PR Newswire
Date:Aug 18, 1993
Words:184
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