Tosaf USA, a subsidiary of Kfar Yona, Israel-based Tosaf Compounds Ltd., will build a compounding and masterbatch production facility in North Carolina to serve U.S. processors in a wide range of industries, including automotive, medical, electrical and packaging.
Tosaf is buying 18 acres in a business park in Bessemer City and will make an initial investment of $13.1 million at its first U.S. location, which will create up to 75 advanced manufacturing jobs.
Founded in 1986, Tosaf has 10 major production sites in six countries and sales offices in 40-plus countries for its extensive line of additives from anti-fog to UV stabilizers, masterbatches based on different polymers for indoor and outdoor use, developed colors, and compounds. Sales are 300 million euros ($373.5 million), according to the privately owned company.
Tosaf is buying the land for its proposed plant in Bessemer City from Gaston County, which has an economic development commission that recruits global companies and pushes for needed services. In this case, the county extended a road and lines for water and sewer services to create the business park. Next, the county will work with the state and Norfolk Southern Railroad to bring a rail spur to the site.
Also, the company will apply for various state programs offered by NC Commerce, Amos Megides, chairman of Tosaf Compounds Ltd., said in a news release.
Tosaf began expanding its production capacity and market presence through acquisitions and new plants soon after Ravago Group, a Belgium-based distribution, compounding and recycling conglomerate with sales of about $7.5 billion, acquired a 30 percent stake in 2001. Ravago and Megides Holdings Ltd. are the company's shareholders.
In addition to Israel, production sites are located in Germany, the Netherlands, Turkey, Ukraine and the United Kingdom. The company currently employs 800.