FIMI mulls buying plastic packaging co Plastopil

77% of TASE-traded Plastopil is owned by Kibbutz Hazorea.

FIMI Opportunity Funds (FIMI), led by Ishay Davidi, is considering the acquisition of control in Plastopil, an industrial company controlled by Kibbutz Hazorea in the Jezreel Valley. Plastopil manufactures flexible plastic sheets for packaging of chilled food and other products. Sources inform “Globes” that FIMI’s management recently visited Plastopil and met with senior company executives.

Plastopil’s share price has been treading water on the Tel Aviv Stock Exchange (TASE). The company has a market cap of around NIS 60 million, after a 12% decline in its share price over the past year. The share price has fallen substantially since the company held its IPO in 2005. Because of the low proportion of Plastopil’s shares held by the public, the share has been put on a watch list in recent days. If the conditions for renewing trade on the main TASE listing are not fulfilled within 48 months, it will be delisted.

Kibbutz Hazorea currently holds 77% of Plastopil’s shares with a current market value of nearly NIS 50 million. Businessperson Meron Greenberg owns 14.5% and Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL) owns 5.5%., while the public owns only 3%. Plastopil’s chairperson is Dov Ofer and its CEO is Yuval Weinstock.

Plastopil said that it had not received any inquiries about acquisition of control by FIMI or any other party, and that had such an inquiry been received, as a public company, it would have been obligated to report it.

Factories in the Netherlands and on Kibbutz Sde Nahum

Plastopil produces its product both by itself and through subsidiaries. The company says that it utilizes “blown film co-extrusion, including double layered wrapping, mainly for the chilled food industry.” In addition to its production department, the company has supplementary departments “responsible for further processing that facilitate printing, welding, and cutting of the wrapping.”

Plastopil, which has 230 employees, began operating in 1961 and joined the TASE in 2005. The company has a plant on Kibbutz Sde Nahum in the Beit She’an Valley that produces and markets plastic coverings for agriculture and industry, a plant in the Netherlands that produces and markets multi-layer wrapping for packaging in the food industry, and a company in the US that markets its products and provides support to customers there.

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