Turkish cement producer Çimsa, a subsidiary of Sabanci Holding, introduced Wednesday it has taken a big step in its international enlargement technique by signing an settlement to accumulate 94.7% of Mannok Holdings DAC, a number one constructing supplies producer based mostly in Ireland.
Following expansions in Spain and the U.S., this settlement marks Çimsa’s third main international initiative prior to now three years, reinforcing its dedication to turning into a number one participant within the U.Okay. and Irish markets, the corporate mentioned in an announcement.
“Mannok, a company with over 50 years of experience and a strong presence in the U.K. and Irish markets, will enhance Çimsa’s product portfolio, diversify its production geography and strengthen its local and global supply chains,” it added.
The firm additional famous that following approval from authorities, this acquisition can even contribute to Çimsa’s objective of producing 70% of its income in foreign currency, thereby enhancing its steadiness sheet high quality and enabling it to make extra strategic long-term plans.
“The acquisition of Mannok, as soon as finalized, will likely be completely aligned with our transformation technique. It permits us to develop our footprint within the U.Okay. and Irish markets, that are crucial for our development. By incorporating Mannok’s superior product strains, we are able to provide extra diversified and value-added options to our prospects,” mentioned Burak Orhun, president of Sabancı Holding’s Material Technologies Group.
“This acquisition additionally helps our objective of transitioning our portfolio from gray to inexperienced, according to our dedication to sustainability.”
Reuters reported that Mannok’s complete enterprise worth was 330 million euros (almost $366 million). Çimsa says that it’s going to make changes for any debt or associated gadgets.
“According to the agreement, the total company value of Mannok is 330 million euros, and the final share purchase price corresponding to 94.7% of the capital will be determined after deducting the financial debts on the closing date and making other adjustments,” Çimsa mentioned in an announcement at Public Disclosure Platform (KAP).
The assertion additionally cited that in accordance with its unaudited monetary statements, Mannok achieved consolidated web gross sales of 293.7 million euros and earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) of 57.5 million euros within the final 12 months ending June 30, 2024.
“We imagine this settlement marks the start of a brand new period for Mannok. We are dedicated to preserving the present workforce and creating new employment alternatives within the area to assist Mannok’s additional development beneath the present sturdy native management crew,” Çimsa CEO Umut Zenar acknowledged.
Mannok operates in two essential business segments: constructing supplies and packaging merchandise. With manufacturing services within the Republic of Ireland and Northern Ireland, and a complete gross sales and distribution community throughout the Republic of Ireland, Northern Ireland, and Great Britain, Mannok is well-positioned as one of many regional leaders within the business.
The firm at present employs round 800 folks within the manufacturing of cement and different quarry merchandise, concrete, insulation supplies and packaging.
Founded in Mersin in 1972, Çimsa declares itself a pioneer of the Turkish cement and constructing supplies business. It achieved a turnover of TL 11.5 billion ($337.45 million) and a web revenue of TL 1.9 billion within the first half of the 12 months.
Source: www.dailysabah.com