In October 1971, the Persian monarchy held celebrations for its 2,500 years of power. Several years earlier, while the relationship between Israel and Persia prospered, the Shah had approached Israeli developer
Success in Persia leads to Electra going public
In October 1971, the Persian monarchy held celebrations for its 2,500 years of power. Several years earlier, while the relationship between Israel and Persia prospered, the Shah had approached Israeli developer Solel Boneh and requested that they build venues for the events. Electra was brought in as a sub-contractor to install air-conditioners in all of the hotels and post offices in Teheran, and right across Persia. They signed a profitable contract for several years of work and together with Solel Boneh set up a branch in Teheran.
After the installation was completed Electra faced angry Persian officials who insisted they cannot hold royal ceremonies in hotel lobbies with the noise of the air-conditioners.
Up until that point, despite being heavy and noisy, window air-conditioners with motor and air vents built together as one unit, enjoyed popularity and success right across the world. Yet, Electra understood the problem and had their development teams work overtime to find a solution. After much thought and great effort a simple solution was found – splitting the air-conditioner into two parts and the noisy motor outside, with pipes connecting the two parts.
Naturally these quieter, improved units won the hearts of the over-heated public and Electra enjoyed exceptional success. So much so, that Electra was the first industrial company to win the Public Trust Prize, raise capital and float on the stock exchange.
* Also this year – Clal Industries bought 70% of Electra’s shares, becoming the company’s controlling holder until 1991.