Palram India Pvt. Ltd., a 100 % subsidiary of Palram Industries Ltd., Israel, announced the signing of an acquisition agreement of Tuflite Polymers Limited, India, on December 8, 2021.
Palram Industries Ltd., a publicly listed company in Israel with a Global turnover of approx. USD 500 Million and approx. 1600 employees, will fully acquire 100% of the business assets of Tuflite Polymers Limited, India, thru its subsidiary Palram India Pvt. Ltd.
Tuflite Polymers Limited is a major distributor of Polycarbonate sheets to major customers in India with approx. 40 employees.
As per Palram, this acquisition is part of the company's marketing strategy to increase its activity in geographic markets where it sees growth potential, including in the Indian market. The Company estimates, this acquisition is expected to significantly increase its sales in the Indian market.
Ido Rodoy, Group Managing Director of Palram, welcoming Tuflite into Palram family stated, "By incorporating Tuflite's deep rooted presence across India and customer base into Palram's growing portfolio, we look forward to achieving our mission of delivering exceptional Products & value to a much larger market and customers."
Mukesh Shah, Managing Director of Tuflite Polymers Limited, stated, "With more than 20 years of experience in serving distribution & infrastructure markets in India, Tuflite is excited to become a part of the Palram family, and to bring the same high standard of product proposition to its network of markets."
Established in 1963 at Kibbutz Ramat Yohanan in Israel, Palram is a global leader in developing, producing, and selling among others, extruded thermoplastic sheets, panel systems and finished products made mainly from polycarbonate and PVC.
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Tuflite is a leading supplier of polycarbonate finished goods under the Brand TUFLITE and distributing across India for the last 2 decades.
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( With inputs from ANI )
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