Sabah – Specialty plastic and packaging materials supplier Essantra has acquired Turkish lock manufacturer Mesan Kilit for an undisclosed sum, according to a press release by the UK-based company.
The deal, which covers 100 percent shares of Mesan Kilit, represents the British company’s first investment in Eastern Europe and the Middle East as well as the fast-growing Turkish domestic market.
“The acquisition not only provides entry into the attractive Turkish market and a number of other fast-growing export markets for Essentra, but it also acts as a platform for the geographic expansion of our other activities in the region," Essentra CEO Colin Day said in a statement.
Employing over 200 people, Istanbul-based Mesan manufactures locks, hinges, latches and hardware accessories, exporting to more than 75 countries.
With its headquarters in the UK, Essentra is active in 32 countries with 5500 employees worldwide. The company’s shareholders include investment management companies BlackRock, AXA Investment Management, Oppenheimer Funds and JPMorgan Asset Management.