EXHIBIT 21






                 SUBSIDIARIES OF THE REGISTRANT





     Subsidiaries              % Owned           Incorporation
     ------------              -------           -------------

PEC Financial Corporation       100%                 Maine

General Engineers Limited       100%                 Israel



The Company accounts on the equity method for its interests in
the Affiliated Companies listed in Note 3 of the Notes to the
Consolidated Financial Statements of PEC Israel Economic
Corporation and Subsidiaries, which consolidated financial
statements are included in response to item 8 herein.