US jet engine maker Pratt & Whitney is preparing to close down its operations at the Blades Technology Industry (BTI) plant in Nahariya. This morning the company’s CEO sent a letter to employees explaining that, “for a long time the factory has been sustaining major losses that are only growing.” Sources familiar with the situation have told “Globes” that BTI plans laying off its 900 employees and closing down its manufacturing operations during 2024 and 2025.
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Pratt & Whitney buys Israel’s Blades Technology
The Histadrut General Federation of labor has declared a work dispute at the factory due to the planned layoffs.
In 2014, Pratt & Whitney increased its 49% stake in BTI to full ownership by buying the remaining 515 of shares from the Wertheimer family for an estimated hundreds of millions of shekels.
BTI manufacturer of precision forged and machined blades for jet engine propellers and holds a major share of the global market. Customers include Rolls Royce, Samsung, and GE.
BTI was founded in 1968 in Nahariya following the embargo imposed on the exports of parts for the Mirage fighter jet by France to Israel, following the Six day war, which left Israel without propeller blades for the Mirage.
Stef Wertheimer, who set up the company, decided to continue manufacturing the propeller blades for export. The Wertheimer family also owns Techjet Aerofoils in partnership with Rolls Royce, which produces propeller blades at a plant in the Tefen Industrial Park in the Galilee, which also has plants in the US and China.
Published by Globes, Israel business news – en.globes.co.il – on December 4, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
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