Polysack Plastic Industries (TASE: PLSK) today announced that it is negotiating an exclusive distribution deal with an international company for Polysack's plastic sheeting for bottle packaging products in North America and Southeast Asia. A binding agreement, if reached, may include an option to make a capital investment in the company. Polysack did not disclose the name of the company.
Polysack's share rose 95% by early afternoon to NIS 1.21, giving a market cap of NIS 8.2 million. Kibbutz Nir Yitzhak owns 47.7% of the company and Kibbutz Sufa owns 21.1%.
Polysack manufactures Polysack ultraviolet resistant nets, thermal screens, and other products for plant protection, shade and light spectrum management. In addition to Israel, company has five wholly-owned subsidiaries in Brazil, Spain, the US, and Mexico. It has 200 employees, including 150 in Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on February 24, 2009
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