Kibbutz Gazit’s Plazit Industries is to promote its Plazit-Polygal Plastics unit to US firm Plaskolite for $210 million, sources near the deal have instructed “Globes.” Kibbutz Gazit owns 80% of Plazit Polygal, which designs, develops and manufactures polycarbonate, thermoplastics and profiles, whereas Leumi Companions owns the opposite 20%.
That is Kibbutz Gazit’s second main exit in lower than two months. In August Kibbutz Gazit (50.1%) and Kibbutz Hama’apil (49.9%) bought MCP Efficiency Plastic to Danish meals packaging firm Faerch for €57 million.
Faerch buys kibbutz plastics co MCP
Talks for the sale of Plazit-Polygal are within the closing levels earlier than an settlement is signed and negotiations have been led by Leumi Companions.
Plazit-Polygal was based in 1973 and has greater than 1,000 workers in its vegetation and manufacturing traces in Israel, Russia, the US, Chile, Bulgaria, and Spain. Among the many firm’s merchandise are clear stable sheets constituted of polycarbonates, acrylic and polystyrene, that are bought in additional than 60 nations.
Leumi Companions, the funding arm of Financial institution Leumi, led by CEO Avi Ortal, acquired its 20% stake in Plazit-Polygal from the Tenne Fund in 2017
Revealed by Globes, Israel enterprise information – en.globes.co.il – on October 10, 2021
Copyright of Globes Writer Itonut (1983) Ltd. 2021