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Marco Polo, Global Plastics and Itochu form MGI International
HOUSTON, February 27, 2019 (PCW) -- Plastics distributors Marco Polo International and Global Plastics will merge to form a new holding company, MGI International, with a significant minority stake in the new entity to be held by Itochu International, the companies announced today.
Financial terms of the deal were not disclosed. A spokesperson for the company said the transaction is already effective, and New York State business records show the formation of Marco Polo International MGI LLC occurred on February 21, 2019.
MGI's key management will be introduced to Itochu's international plastic resin network, and that network is expected to support further export growth concurrent with the large expansion of polyethylene supply in the US, the companies stated in a news release.
MGI International will distribute Itochu's international sourcing of related products to its North American customer base.
Marco Polo International and Global Plastics will continue to sell and operate under separate brands. -- David Barry