Global rigid film producer Klöckner Pentaplast, Germany, announced plans to acquire Farmamak from Gözde Girişim Sermayesi Yatırım Ortaklığı A.Ş. (Gözde Girişim), Istanbul.
Farmamak, a rigid folio producer based in Turkey, will operate as a subsidiary within the Klöckner Pentaplast Group.
“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," says Wayne Hewett, chief executive officer, Klöckner Pentaplast. “Always a pioneer and innovator in its field, Farmamak introduced many industry firsts and achieved sustainable growth over 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,” says Mustafa Aydemir, chief executive officer of Gözde Girişim.
Farmamak employs around 230 people and maintains a production site 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," says 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 and consumer packaged goods segments. Together, with Klöckner Pentaplast, Farmamak offers a wider range of products and comprehensive services at a local level.
Until further notice, Klöckner Pentaplast and Farmamak will operate independently.