International Paper has finalised a deal to acquire shares of its joint venture partner Sabanci Holding in corrugated packaging company Olmuska for $56m.
The deal sees the firm become the majority shareholder with 87.5% of Turkey-based Olmuska’s outstanding shares and includes sites in Bursa, Edirne and Gebeze.
The Turkish corrugated market is currently the 7th largest inEuropewith expected continued average growth rates of greater than 5% annually, said International Paper.
On the original announcement in September, Tom Ryan, senior manager public relations, executive and employee communications, told FoodProductionDaily.com that they had been in the joint venture for 15 years.
“Currently, we are the market leader with 15% market share. This transaction compliments the DS Smith acquisition there at the end of 2010 and is a clear sign of our commitment in the region to our employees, customers and suppliers. It also represents a potential growth platform to the Middle-East.”