Germany-based rigid film producer Klöckner Pentaplast Group has entered into a definitive agreement to buy Turkey's Farmamak from Gözde Girisim Sermayesi Yatirim Ortakligi (Gözde Girisim) for an undisclosed sum.
Following the deal, Farmamak will function as a subsidiary within the Klöckner Pentaplast Group, serving local markets.
The transaction is subject to approval by competition authorities.
Klöckner Pentaplast Group CEO Wayne Hewett said: "This transaction allows us to improve our customer focus in Turkey and throughout the Middle East to improve our regional service and capabilities.”
Rigid film producer Farmamak has sales of TRY155m (€47m), and around 230 employees at its site in Gebze, Turkey.
Farmamak managing director Kurt Kuruç said: “Integrating Farmamak into the Klöckner Pentaplast Group shows great confidence in the potential of our company and our employees and brings more opportunities in the market to unlock further growth.”
By adjusting its portfolio, the company intends to bolster its position in the food, consumer-packaged goods and pharmaceutical segments.
With operations in 12 countries and 18 production sites, Klöckner Pentaplast currently provides packaging, printing, and specialty solutions for the pharmaceutical, medical device, food and beverage markets.
In March, the company announced that it would expand its film production site in Gendorf, Germany, in order to meet the increasing demand of the shrink label market.
Image: Officials of Farmamak and Klöckner Pentaplast during signing the acquisition contract. Photo: courtesy of Klöckner Pentaplast.