Plaskolite LLC (“Plaskolite”), North America’s largest manufacturer of engineering thermoplastic sheet and profile products, announces that it has signed a definitive agreement to acquire substantially all of the assets of Plazit-Polygal, an international pioneer in the design, development and manufacturing of engineering thermoplastic sheets.
Plaskolite will acquire Plazit-Polygal’s operations and assets in North America, South America and Europe, with the exception of Plazit-Polygal’s Russian operations. Upon close of the transaction, Plazit-Polygal’s Israel headquarters will serve as Plaskolite’s EMEA headquarters.
Headquartered in Kibbutz Gazit, Israel, Plazit-Polygal manufactures an extensive and highly customized offering of engineering thermoplastic products, including acrylic and polycarbonate solid sheets as well as multi-wall and corrugated sheets.
With this acquisition, Plaskolite will expand its geographic footprint in North America, Europe, and South America. Plaskolite will broaden its offering with new multi-wall sheet production capabilities, and the Company’s 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. “For more than seventy years, Plaskolite has led our industry focused on customer service, product quality, and innovation. 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. I am delighted to welcome Amir and everyone at Plazit-Polygal to the Plaskolite family.”
“Plaskolite is the ideal long-term partner to support our business through its next phase of growth and expansion,” said Amir Abramovich, Group CEO of Plazit-Polygal. “Our companies share a strong commitment to product excellence, customer satisfaction and a culture built on collaboration. I am confident that together we will be even better able to serve our customers with the highest quality plastic sheet products and innovations.”
“We are thrilled to welcome Plazit-Polygal as a partner to Plaskolite as we expand our business-building efforts to Israel and the other geographies served by the combined company,” said Tony Pritzker, chairman and CEO of Pritzker Private Capital. “When my father, Donald Pritzker, founded Hyatt Hotels, he grew a chain of six hotels into one of the world’s largest hotel operators. All of us at Pritzker Private Capital continue to honor the Pritzker legacy by partnering with growth-focused companies to build strong businesses for the long term.”
Thomas Chadwick, principal at Pritzker Private Capital, added, “This strategic acquisition represents a compelling opportunity for Plaskolite to accelerate its long-term growth, expand into new markets and further enhance its innovation. We are pleased to continue our partnership with Plaskolite as the company strengthens its position as a global leader in the manufacturing of engineering thermoplastic products.”
The transaction is subject to regulatory approval and customary closing conditions and is expected to close in December 2021.