Japan-based Mitsui has agreed to acquire a 15% stake in Turkish integrated packaging manufacturer Sarten Ambalaj Sanayi ve Ticaret for an undisclosed amount.
Mitsui will acquire the stake, upon accepting a third-party, new share allotment by the Turkish company and buying the shares from existing shareholders.
Said to be one of Turkey's biggest integrated packaging manufacturers, Sarten produces steel cans and plastic containers for foodstuffs, household goods, motor oil and chemical products.
It also supplies its products to Turkey's neighbouring countries, including the Middle East, North Africa and Russia.
Sarten operates a plant in Russia and Bulgaria, besides operating 13 plants in Turkey.
With this acquisition, Mitsui could benefit from the economic growth in Turkey and its neighbouring countries.
Turkey is said to have a GDP growth potential between 3% and 5% a year.
Mitsui said that it was investing in Turkey as it was a priority country in the company's medium-term management plan.
Sarten CEO Zeki Saribekir said: "We aim to become the number one packaging company in our region. After the transfer of 15% shares of our company, which was previously owned 100% by our family, to Mitsui, we believe that we would obtain a competitive advantage in a wider region.
"In a world gradually developing and globalising, we, as Sarten, are making this partnership in order to provide more quality, fast and affordable products. Mitsui will support Sarten's swift growth with its Japanese vision."
As a part of the investment, Mitsui will help Sarten diversify its product portfolio to reach out to a wider range of industries.
Image: Sarten produces steel cans and plastic containers for foodstuffs, household goods, motor oil and chemical products. Photo: courtesy of Mitsui & Co.