Basell sells OPP producer

09 July 2001 00:00  [Source: ICB]

Israel's Dor Chemicals has agreed to purchase 80% of oriented polypropylene films (OPP) producer Moplefan, a wholly-owned subsidiary of Basell, for $58m. Basell is a joint venture between Germany's BASF and Anglo-Dutch Shell.

Dor has the option to purchase the remaining 20% within two years of completing the deal, which is expected in the final quarter of this year.

Moplefan's annual turnover is $150m and its production capacity is 120 000 tonne/year, split 85 000 tonne/year for OPP films and 35 000 tonne/year for cast films. The company operates in the UK, Belgium and Italy and supplies 15-20% of the west European market.

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