Koç Group's Izocam AS, the only manufacturer in Turkey operating in insulation market segments, is acquired by Alghanim Industries in a joint venture with Saint-Gobain Isover, a leading French global construction products manufacturer.
This acquisition, which is subject to the approval of the Turkish Competition Authority, is expected to take Alghanim Industries and Saint Gobain to a prominent position in the fast-growing construction market from Europe to the Middle East to India.
The 50/50 acquisition of 61.2 percent shares of Izocam currently held by the Koç Group will be followed by the launch of a tender offer on the Istanbul Stock Exchange for the remaining shares of Izocam as per Turkish law.
A subsidiary of Alghanim Industries, Kimmco has been a glass wool licensee of Saint-Gobain in the Gulf countries for more than 25 years, while Izocam has been a licensee of Saint-Gobain for more than 40 years.
With four plants in Turkey in Tarsus, Gebze, Eskisehir and Umraniye, Izocam mainly manufactures glass wool, stone wool, extruded polystyrene (XPS) and expanded polystyrene (EPS) foams, elastomers and sandwich panels.
Izocam , a market leader in insulation in Turkey and parts of the Middle East, had a turnover of nearly 120 million euros in 2005.
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