4/4/2008

Greek Frigoglass to buy Turkey's SFA Cooling

Reuters - Greece's Frigoglass, the world's largest maker of beverage refrigeration equipment, said on Wednesday it has agreed to buy a majority stake in Turkey's SFA Cooling as part of its expansion plans. Frigoglass has said it would move into a new geographic region in 2008 to tap rapidly developing markets after expanding into regions such as China, before the 2008 Beijing Olympics, and India. It agreed to buy up to 86 percent of the Turkish company for 50 million euros ($78.14 million) from its main shareholders. "The production facilities in Turkey provide an excellent base for the promising markets of central Asia and the Near East that we would be pursuing," Frigoglass Chief Executive Petros Diamantides said in a statement. The deal is subject to regulatory approval from Turkish authorities. Istanbul based SFA is an exporter of supplies for ice-cold merchandisers with a strong presence in the brewery, dairy and juice segments and expects sales of about 50 million euros in 2008, according to Frigoglass. With operations in 17 countries, Frigoglass holds about 16.8 percent of the two billion euro global cooler market.