Important Acquisition of Georg Fischer in Turkey
Georg Fischer announced the acquisition of a majority stake in Hakan Plastik A.S. in Cerkezköy (Istanbul, Turkey). Hakan Plastik is the leading provider of plastic piping systems in the building technology and water infrastructure markets in Turkey, the Middle East and Eastern Europe.
Together, GF Piping Systems and Hakan Plastik provide a unique platform for further growth in the whole region.
Georg Fischer is to acquire a majority stake in Hakan Plastik in Cerkezköy (Istanbul, Turkey), with an option to acquire the outstanding shares. The current management team will remain in place under the supervision of the current owners to guarantee the continuity of the company s successful operations and execute the significant synergies with Georg Fischer. Closing is anticipated for July 2013. The parties have agreed not to disclose financial details of the transaction.
Hakan Plastik was founded in 1965 by the Karadeniz family. With a focus on technological innovation, the company has continuously expanded its presence in the manufacturing and sales of plastic piping systems for the building technology, water and gas distribution as well as irrigation applications.
In 2012, the company generated sales of CHF 105 million (TRY 200 million) with a workforce of approximately 650 people. Its production sites are located in Cerkezköy, about 100 km north-west of Istanbul, and in Sanliurfa (Anatolia, Turkey). This second plant was opened in early 2013.
GF Piping Systems, a division of Georg Fischer, is a global supplier of plastic piping systems for the conveyance of liquids and gases in industry, building technology and utility applications. With over 5,000 employees, GF Piping Systems generated sales of about CHF 1.3 billion in over 100 countries in 2012.
Yves Serra, CEO of Georg Fischer, stated: “We warmly welcome Hakan Plastik to Georg Fischer. The company has an excellent track record. It ideally complements GF Piping Systems with its location at the center of promising growth markets and brings a wealth of new products which greatly enlarge our offering. The acquisition is a key milestone in the implementation of our strategy.”
Zafer Karadeniz, Chairman of Hakan Plastik, said: “Becoming part of Georg Fischer, the worldwide leading piping systems supplier, supports our ambition to rapidly extend our reach. We are excited about this great step and we are confident that we will add value to Georg Fischer.”
Source: Georg Fischer AG