German rigid film packaging producer Klöckner Pentaplast (Montabaur) has finalized its acquisition of Farmamak (Gebze, Turkey) from Istanbul-based equity investment firm Gözde Girişim Sermayesi Yatırım Ortaklığı AŞ. The new subsidiary has sales of €47 million and employs approximately 230 people. Its production site is located in Gebze. By saddling up with Klöckner Pentaplast, Farmamak will offer a broader range of products and comprehensive services at a local level.
|Farmamak site, Turkey.|
“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,” stated Wayne M. Hewett, CEO Klöckner Pentaplast. “With our strong global footprint, we expect to make further investments in high growth markets."
Farmamak brings technology, an experienced work force, manufacturing and commercial know-how as well as new production capacities to the Klöckner Pentaplast Group. This enables the company to be faster to market in Turkey and in the Middle East and offer outstanding service and expertise to customers in that region.“
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 ,” said Giles Peacock, Group Senior Vice President Food and Consumer Packaging. “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.”