This is Carmel Olefin's first acquisition under its strategy to expand internationally.
Carmel Olefins Ltd. has acquired 49% of Dutch plastics maker Domo Polypropylene BV. The company did not disclose the size of the deal. This is Carmel Olefin's first acquisition of a foreign manufacturing plant under its strategy to expand internationally, and is part of Oil Refineries' policy to expand its businesses, including in petrochemicals.
Oil Refineries Ltd. (TASE:ORL) and Israel Petrochemical Enterprises Ltd. (TASE:PTCH) jointly own Carmel Olefins in equal shares.
Domo produces180,000 tons of polypropylene, a raw material in the plastics industry, a year. It posted a net profit of €6.3 million on €154 million revenue in January-September 2007.
Published by Globes [online], Israel business news - www.globes-online.com - on January 24, 2008
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