Dor Chemicals (TASE:DORC) today announced that one of its subsidiaries has signed the final agreement to acquire Shorko Australia, for about $24 million, after completing due diligence.
Payment will be effected through returning $17.75 million worth of shareholders loans, and the rest as payment for shares.
Shorko, owned by Melbourne-based
, makes polypropylene sheeting at a facility in Wodonga, Victoria province. Its capacity, 20,000 tons a year, makes it Australia's biggest producers in its sector, Basell says.
Shorko's sales come to about $25 million a year.
The Dor Chemicals group is buying 100% of Shorko's shares.
Last December Dor bought the Italian company Moplefan for $45 million. Its intention with the current acquisition is to merge Moplefan with Shorko. Market sources speculate that Dor has another company in its sights, and that it has offered to buy
(Nasdaq:AETC) for around $80 million.
AET is an American company that develops and manufactures oriented polypropylene plastic films for products and shrinks, and plastics for the medical imaging industry as well.