Israeli materials firm Kafrit Industries Ltd. has acquired Polyfil Corp., a maker of masterbatch concentrates based in Rockaway, N.J.
No purchase price was disclosed in a Nov. 14 news release announcing the deal. Earlier this year, however, Kafrit had disclosed to the Tel Aviv Stock Exchange that it was buying a U.S. masterbatch concentrates maker for about $36 million. At the time, it did not name the company being acquired.
Kafrit, based in Negev, is buying Polyfil from Gerry Fabiano, who co-founded the firm in 1984.
Kafrit officials said in the release that, with the acquisition of Polyfil, their firm “is significantly expanding its footprint as a global leader in the masterbatch arena.”
The acquisition “creates significant opportunities between Kafrit Group and Polyfil, as the companies intend to share knowledge, technologies, and products,” they added.
Kafrit CEO Avi Zalcman said that the combined companies “will enjoy strategic advantages, allowing them to create a robust and technical portfolio that will substantially increase its operating strength.”
Fabiano will serve as an adviser to the company and will continue to be actively involved in the business. The firm operates a 60,000-square-foot plant in Rockaway.
Juan Castaneda now will serve as General Manager of Polyfil. All other aspects of the company's operations will stay the same, officials said.
Polyfil describes itself as “the largest independent manufacturer focusing solely on the development and production of performance enhancing additive concentrates for polyolefins.” Its product line includes antistats, antifogs, chemical foaming agents, UV stabilizers, purge compounds, processing aids, antioxidants, mineral filled concentrates and multifunctional additive concentrates.