Farmamak will operate as a subsidiary within the Klöckner Pentaplast Group
The global rigid film producer Klöckner Pentaplast will acquire Farmamak from Gözde Girisim.
Klöckner Pentaplast, a world-leading producer of rigid films for the pharmaceutical, medical devices, food and consumer packaging and beverages, has signed a definitive agreement to acquire the rigid film producer Fatrmamak.
Farmamak is a leading rigid film producer in Turkey (and the surrounding regions) and currently resides under Gözde Girisim.
'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.
'Always a pioneer and innovator in its field, Farmamak introduced many industry firsts and achieved sustainable growth for a number of years. I am sure that under the ownership of Klöckner Pentaplast, the business will further build on this solid heritage and see further growth,' explained Gözde Girisim CEO, Mustafa Aydemir.
Farmamak, with sales of €47 million), employs around 230 people and its production site is located in Gebze, Turkey. '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.
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. Together with Klöckner Pentaplast, Farmamak offers a wider range of products and comprehensive services at a local level.
The transaction is subject to approval by the competition authorities. Until such approval is granted, Klöckner Pentaplast and Farmamak will operate independently.