2016-2017 Exhibitions
Klöckner Pentaplast acquires Turkish company
Germany’s global rigid film producer Klöckner Pentaplast is acquiring Farmamak from Gözde Girişim Sermayesi Yatırım Ortaklığı A.Ş. (Gözde Girişim) for a consideration of 136 million lira (US$46 million). Farmamak will operate as a subsidiary within the Klöckner Pentaplast Group.
Farmamak is a rigid film producer in Turkey with a capacity of 56,000 tonnes. It has sales of EUR47 million, employs around 230 people and its production site is located in Gebze, Turkey.
"We are excited for our first acquisition since 2011, together - with Farmamak as a local leader - this transaction allows us to improve our customer focus in Turkey and throughout the Middle East to improve our regional service and capabilities." commented Wayne M. Hewett, CEO, Klöckner Pentaplast.
Through targeted portfolio adjustments, Farmamak aims to further strengthen its position as a leading film provider in the food, consumer packaged goods and pharmaceutical segments. Together with Klöckner Pentaplast, Farmamak offers a wider range of products and comprehensive services at a local level.
The transaction is subject to approval by the competition authorities. Until such approval is granted, Klöckner Pentaplast and Farmamak will operate independently.
(PRA)
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