Germany-based Klöckner Pentaplast has acquired Farmamak, a Turkish provider of rigid plastic film and packaging solutions.
Following the completion of the $46.1m deal, Klöckner Pentaplast has established a new subsidiary offering rigid film solutions in Turkey and its neighbouring areas.
The acquisition is expected to help the company expand its presence in the Turkish and Middle Eastern markets.
As part of the deal, Farmamak’s work force has been transferred to Klöckner Pentaplast.
Klöckner Pentaplast Group CEO Wayne Hewett said: “Farmamak gives us immediate scale in the high-growth Turkish and Middle East markets.
“Farmamak’s products are natural extensions of our existing portfolio and our combined technical knowledge and expertise sets us up for future success.
“With our strong global footprint, we expect to make further investments in high-growth markets."
Farmamak currently employs around 230 people and operates a production site in Gebze, Turkey.
Klöckner Pentaplast group food and consumer packaging senior vice-president Giles Peacock said: “The regional sales team will have the opportunity to sell a much broader product range of Klöckner Pentaplast products allowing entrance to new markets and segments.
“We want to further complement our existing product portfolio and offer our customers the right solutions to serve as a critical partner for their future growth.”
Klöckner Pentaplast currently provides packaging solutions to the pharmaceuticals, food, electronics, medical devices and printing sectors.
Image: Farmamak’s production site in Turkey. Photo: courtesy of Klöckner Pentaplast.