German industrial giant Simona AG plans to buy 70 % shares of MT Plastik.
Germany-based Simona AG signed an agreement to buy 70 percent of MT Plastik, which produces PVC foam sheets in Düzce province, Turkey. Founded in 2007, MT Plastik is a company specializing in producing foam PVC sheets for digital printing, advertising and structural engineering sectors. being the market leader in Turkey, the company exports more than 60% of its products to different countries.
With this partnership, the production capacity of MT Plastik will be doubled, and it is aiming to triple its current exports with the increasing capacity. Accordingly, the employment capacity is expected to increase by double too.
With this long-term strategic partnership, MT Plastik is aiming to be Europe’s largest PVC foam producer. Pragma Co. is the financial advisor of this partnership transaction on MT Plastik. The transaction is expected to be completed on January 1, 2021, after the approval of the Competition Board.
SIMONA Group is one of the world’s leading thermoplastic manufacturers. The company’s product portfolio includes plastic-based semi-finished products (plate, profile bar, etc.) pipes and connecting elements. Operating in 13 countries, SIMONA employs 1,450 people.
Regarding the purchasing deal, Simona AG’s Chief Executive, Matthias Schönberg said “Turkey’s geographical location and its high share of exports of plastic MTA, will allow us to bring about serious contributions and access to other markets in Europe and the Middle East.”
MT Plastik Chairman of the Board of Directors Tufan Kalkan stated that he believes that they would preserve their 30 percent shares in the current company and combining the product range of both companies would create a great synergy.
it was stated that the transactions related to the acquisition of MT Plastik are expected to be completed by the end of 2020 after the necessary permissions are obtained.