Ravago Holdings Americas, the U.S. operations of Belgian-based Ravago, has acquired two producers of expanded polystyrene (EPS), Monotez and Eastchem.
EPS is used as a raw material, through its expansion, for the production of expanded polystyrene products, mainly in thermal insulation boards and various packaging materials. The combined capacity amounts to over 200,000 tons per year.
Monotez was founded in early 1960s and initially produced boards of expanded EPS used for thermal insulation of buildings. As from the early 1970s the company's main activity switched to the production of EPS as a raw material. The annual production has progressively grown to the level of 70,000 tons per year. The factory is located in Athens, Greece and 80 per cent of the sales are exported into Europe and the Mediterranean region.
Eastchem was created in 2006 and has its factory in Izmir, Turkey. Total capacity is over 150,000 tons per year and products are both for the local Turkish market and export.