Plastic sheet and profile leader Plaskolite LLC has made an international deal, acquiring most of the assets of sheet maker Plazit-Polygal.
Published reports put the price of the deal at $210 million. The seller is Kibbutz Gazit's Plazit Industries in Israel.
Columbus, Ohio-based Plaskolite is buying Plazit-Polygal's operations and assets in North America, South America and Europe, but not that firm's Russian operations. After the deal closes, Plazit-Polygal's headquarters in Kibbutz Gazit will serve as Plaskolite's Europe, Middle East and Africa regional headquarters.
Plazit-Polygal makes acrylic and polycarbonate solid sheets, as well as multi-wall and corrugated sheets.
Its products are used in a broad range of markets, with a focus on the architectural and agricultural sectors. End uses for Plazit-Polygal sheet includes walkways, canopies, pool coverings, skylights, greenhouses, point-of-purchase displays and signage.
In an Oct. 14 news release, Plaskolite officials said the acquisition will expand the firm's geographic footprint and will broaden its offering with new multi-wall sheet production capabilities. They added that the added scale and international reach will enhance its ability to serve a growing customer base.
"This transformative acquisition will significantly expand Plaskolite's global reach and strengthen the high-quality offering we provide our customers," said Ryan Schroeder, Plaskolite president and CEO. "The addition of Plazit-Polygal's talented team and dynamic production capabilities will help us extend our leadership position as we serve a growing base of customers."
Plazit-Polygal CEO Amir Abramovich added that Plaskolite "is the ideal long-term partner to support our business through its next phase of growth and expansion. … Our companies share a strong commitment to product excellence, customer satisfaction and a culture built on collaboration."
The deal is expected to close in December. Plaskolite now has made 18 acquisitions in the last 14 years. The firm has been majority owned by investment firm Pritzker Private Capital of Chicago since 2018.
Based on sales, Plaskolite is North America's 12th-largest film and sheet maker in Plastics News' ranking. The firm has annual sales of $670 million.