Advanced coatings company Greenkote Plc, based in Israel, has completed the acquisition of the assets and certain liabilities of Industrial Powder Coatings, Inc. (IPC). IPC’s services include powder coating, e-coating, zinc and nickel chrome plating, as well as nylon and plastisol deposition (dip coating). The company operates five plants in the Southern and Midwestern U.S. and Mexico. Its sales revenues were $25 million in 2006.
Greenkote aims to capitalize on the core IPC operating and sales infrastructure to offer its proprietary metal coating technology into the North American and Mexico markets later in 2007. The technology reportedly improves the properties of a range of metals, alloys and powders by giving them added qualities such as increased resistance to both high and low temperature corrosion, as well as improved wear resistance and better bonding to rubber and plastics. It is used mainly in the automotive, construction, medical and aerospace industries. Unlike other thermo diffusion processes, the Greenkote process incorporates no heavy metals and does not release toxic chemicals during the production process.
The new combined entity operating in the Americas is known as Greenkote IPC Inc. Arie Laor, the chief executive of Greenkote, will relocate to the U.S. to lead the new entity. The board of Greenkote Plc has appointed Jim Thomson, the chief financial officer of IPC.
For more information, visitwww.greenkoteipc.com.
Greenkote Acquires Industrial Powder Coatings - Posted 4/18/07
April 18, 2007