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Automotive plastics: Bayraktlar enters German market with odelo acquisition
Turkish family-owned Bayraktarlar Holding has acquired Germany-based odelo Group. For Bayraktarlar, the acquisition expands its European automotive lighting business and gives it its first market footing in Germany. The Turkish company says it plans to invest in new technology at odelo and will honor the German company's existing collective labor agreements.
March 1, 2011
1 Min Read
Bayraktarlar is based in Istanbul; odelo operates out of Schwaikheim, Germany, with five plants in Germany and Slovenia, and claims a 20% share of the automotive lighting market in Germany. Bayraktarlar is active in the automotive supplier industry with its Farba brand. With the acquisition of odelo, Bayraktarlar seeks to expand its international business and strengthen its market position in the automotive supplier industry in Europe. The transaction has been approved by the relevant cartel authorities.
The German company was hit hard during the automotive industry's downturn and was restructured during the years 2007 - 2009, a time when it also was separated from former parent company Schefenacker. It has been supplying lighting since 1935.
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