Hoofddorp, The Netherlands, July 8, 2002 -- Basell and Dor have signed a definitive agreement for Dor to acquire 100% of Shorko Australia Pty. Ltd., the wholly owned PP film business of Basell Australia (Holdings) Pty. Ltd. The sale is subject to receipt of regulatory approval, which is anticipated within one month. Completion of the transaction is targeted for mid-August.
”We are very pleased that the negotiations with Dor/Moplefan have been successfully concluded and we look forward to continuing our close relationship with this group as its supplier of resins,” said Volker Trautz, Basell’s president and chief executive officer. ”This transaction will enable Basell to further focus on its core business activities of producing and marketing polypropylene, polyethylene and advanced polyolefins and the development of related technologies. The transaction will provide further potential for Shorko to continue to develop its polypropylene film business as part of a group fully dedicated to this business".
Zvi Mor, chairman of Dor Chemicals and Moplefan, said, ”The acquisition of Shorko is a further step towards Dor's objective to reach a leading role in the field of BOPP and cast films, starting with the recent acquisition of 80% of Moplefan's shares from Basell. With this transaction the extensive worldwide marketing organization of Dor/Moplefan's film business will be in a position to serve the most demanding customers in the global market. We are watching with great interest the growth of the Australian, New Zealand and Asian Markets and the synergies between the product portfolios of Moplefan and Shorko. We believe that the performance of both companies will be further enhanced after this acquisition”.
Dor Chemicals, a company based in Israel and listed on the Tel Aviv Stock Exchange, is specialised in the production of a range of intermediate petrochemical products used in the chemical, plastics, pharmaceuticals, and wood industries, as well as in agriculture and motor fuels. Dor is part of The Dankner Group, one of the leading investment groups in Israel, with diversified capital intensive long-term industrial and other activities.
At the end of 2001, Dor acquired 80% of Basell's Moplefan polypropylene film business.
Shorko is the largest manufacturer of BOPP film in Australia, and the leading supplier of a diverse range of packaging film to the region. Since 1982, it has been developing and producing cutting-edge products designed to enhance, protect and extend the shelf life of most packaged products and is continually increasing product performance, working with new technologies and exploring new solutions. Shorko films are produced at the modern, state-of-the-art complex at Wodonga (Victoria state), which is strategically located between Melbourne and Sydney, the two biggest markets and seaports. The plant has a production capacity of 20,000 tonnes per year and the company employs 115 people.
Basell develops, produces and markets polypropylene, polyethylene, advanced polyolefin materials, and polyolefin catalysts and also develops and licenses polyolefin processes. Basell's corporate centre is located in Hoofddorp, The Netherlands; the company has regional offices in Wilmington, Delaware, USA; Brussels, Belgium; Mainz, Germany; Sao Paulo, Brazil, and Hong Kong, as well as manufacturing facilities and sales offices in the major markets around the globe.
