Global rigid film producer Klöckner Pentaplast (Montabaur, Germany) is buying Turkish packaging firm Farmamak (Gebze), which will operate as a subsidiary within the Klöckner Pentaplast Group.
Farmamak, also a rigid film supplier and currently resides under the helm of investment firm Gözde Girişim, has sales last year of €47 million and employs around 230 people and its production site is located in Gebze, Turkey.
"We are excited for our first acquisition since 2011, together—with Farmamak as a local leader—this transaction allows us to improve our customer focus in Turkey and throughout the Middle East to improve our regional service and capabilities," commented Wayne M. Hewett, Chief Executive Officer, Klöckner Pentaplast.
Through targeted portfolio adjustments, Farmamak aims to further strengthen its position as a leading film provider in the food, consumer packaged goods and pharmaceutical segments. By saddling up with Klöckner Pentaplast, Farmamak will offer a broader range of products and comprehensive services at a local level.
“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" said Kurt Kuruç, Managing Director of Farmamak.
The transaction is pending approval by the competition authorities. Until approval is granted, Klöckner Pentaplast and Farmamak will operate independently.
Klöckner Pentaplast produces rigid films for the pharmaceutical, medical devices, food and consumer packaging