Dor Chemicals is buying 80% of the company and has a call option on the remaining shares.
Dor Chemicals notified the Tel Aviv Stock Exchange today that it had bought European polypropylene sheet manufacturer Moplefan from Basell.
Dor Chemicals will pay $58 million for 80% of Moplefan shares and will receive call options on the remainder. Basell will receive an option to sell the remaining shares to Dor Chemicals.
Moplefan controls 15-20% of the Western Europe polypropylene market, with an annual sales turnover of $150 million. The company has 550 employees.
Moplefan's activities parallel those of Dor Chemical's subsidiary, Dor Film, which operates at the Bar-Lev industrial zone.
Published by Israel's Business Arena on 1 July 2001