Marco Polo International, Global Plastics LP and ITOCHU International Form MGI International
20 March 2019
MELVILLE, N.Y. and MANCHESTER, N.H. and NEW YORK, Feb. 27, 2019 /PRNewswire/ -- On Wednesday, February 27th, Marco Polo International, Inc. ("Marco Polo International") and Global Plastics, LP ("Global Plastics") announced that the two businesses will merge to form a new holding company, MGI International, LLC ("MGI International") and that ITOCHU International Inc. ("III"), the U.S. flagship operation of the ITOCHU Group ("ITOCHU"), has acquired a significant minority stake in MGI International. Financial terms of the deal were not disclosed.
Marco Polo International and Global Plastics will continue to sell and operate under separate brands.
The transaction brings together two rapidly growing companies in the plastic resin distribution sector under common ownership and adds a new co-owner from one of the largest chemical distributors in the world. The combined company will be a leading US-based plastic resin distributor with a growing international footprint and existing sales in over 50 countries. 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. MGI International will distribute ITOCHU's international sourcing of related products to MGI's North American customer base.
"Marco Polo and Global Plastics have always focused on taking great care of their customers, delivering innovative solutions, and expanding their market reach. Their supplier networks, high-performing teams, and fast-growing distribution channels complement our strategic growth plans. Joining MGI is one of the key moves to strengthen ITOCHU's plastic resin distribution capabilities in North America and beyond. We are proud and thrilled to stand alongside our new partners", said Nobuyuki Tabata, General Manager of ITOCHU Plastic Department.
"ITOCHU's investment in MGI establishes a premier plastic resin distributor with industry-leading supplier and client networks and a robust growth profile. We are excited about the potential for scale, innovation and global reach." said Marco Liuzzo, MGI International, CEO.
About the Companies:
Marco Polo International, a leading worldwide distributor of plastic resins, was founded in 1985. Over the past two decades, Marco Liuzzo (President) and David Guimond (Chief Operating Officer) have built a strong and diverse team with a global sales and procurement network that allows the company to efficiently serve the needs of its customers in over 50 different countries. Marco Polo International highly values its long-standing relationships with suppliers and customers and maintains an extensive offering of prime and generic plastic resins, engineered products and green solutions. Learn more at http://www.mar-pol.com/
Global Plastics, LP was founded in 2008 under the leadership of Christopher Guimond, and offers access to a well-established global supply network with major petrochemical companies and a sales force and worldwide customer base in over 35 countries. Global Plastics serves eight industries including industrial and consumer packaging, construction, agriculture and medical with a full range of process solutions. Global Plastics has developed a full line of commodity plastic resin as well as offering engineering resins solutions and green niche expertise and products to respond to consumer preference for green and eco-friendly plastic solutions. Learn more at: https://www.globalplastics.net/
ITOCHU International is the North American flagship of the ITOCHU Group, which operates in 63 countries and engages in domestic trading, import/export, and overseas trading of various products. Its major divisions conduct business in chemicals, textiles, machinery, metals and minerals, food, information and communications technology, and general products, as well as managing business investments in Japan and around the world. Learn more at: https://www.itochu.com/us/en/
For further information contact:
Contact: Press@Mar-Pol.com; / 917-861-8982
View original content:http://www.prnewswire.com/news-releases/marco-polo-international-global-plastics-lp-and-itochu-international-form-mgi-international-300803477.html
SOURCE Marco Polo International
