Kibbutz Gazit's Plazit Industries is to sell its Plazit-Polygal Plastics unit to US company Plaskolite for $210 million, sources close to the deal have told "Globes." Kibbutz Gazit owns 80% of Plazit Polygal, which designs, develops and manufactures polycarbonate, thermoplastics and profiles, while Leumi Partners owns the other 20%.
This is Kibbutz Gazit's second major exit in less than two months. In August Kibbutz Gazit (50.1%) and Kibbutz Hama'apil (49.9%) sold MCP Performance Plastic to Danish food packaging company Faerch for €57 million.
Talks for the sale of Plazit-Polygal are in the final stages before an agreement is signed and negotiations have been led by Leumi Partners.
Plazit-Polygal was founded in 1973 and has more than 1,000 employees in its plants and production lines in Israel, Russia, the US, Chile, Bulgaria, and Spain. Among the company's products are transparent solid sheets made from polycarbonates, acrylic and polystyrene, which are sold in more than 60 countries.
Leumi Partners, the investment arm of Bank Leumi, led by CEO Avi Ortal, acquired its 20% stake in Plazit-Polygal from the Tenne Fund in 2017
Published by Globes, Israel business news - en.globes.co.il - on October 10, 2021
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