Israel-based Tosaf Group, a manufacturer of additives, compounds and masterbatches, has announced that it has finalized its acquisition of Texas-based Adtec Colorant Corp. The financial details of the deal were not disclosed.
The company states that Adtec specializes in color concentrates, liquid and additive masterbatches for the injection molding, blow molding, film and extrusion markets.
Amos Megides, chairman and CEO of Tosaf said: “This transaction represents another step in the fulfilment of our U.S. market entry strategy following our earlier announcement of the construction of a new additives, white and color masterbatch plant in Bessemer City, N.C. Adtec's specialty color concentrates, liquid and additive masterbatches add to Tosaf's comprehensive portfolio of products for the plastics industry.”
Mahesh Parikh, founder and CEO of Arlington, Texas-based Adtec said: “We are excited to become a part of such a successful and rapidly growing organization. This acquisition will provide rapid growth for Adtec Colorant by utilizing Tosaf group's additional product line while maintaining our excellent reputation for service and quality in the southwest region. This partnership will enhance our products and technologies that we provide to our customer base and will bring brighter futures to our long term employees.”
The Tosaf group is a joint-venture between Megides Holding and the Ravago group, based in Kfar Yona, Israel. The company has ten factories in Israel, Turkey, Germany, the U.K., the Netherlands and China, employing 900 people.
