Dünya – Belgium-based plastics supplier Ravago has further expanded its already-strong presence in Turkey with the acquisition of Tekpol AS, a maker of various polyurethane products.
Ravago Petrokimya, the petrochemicals branch of the Belgian group in Turkey, which was formed in early 2014 with the merger of the three previously separate companies, Eastchem, Enplast and Ravago Kimya, has announced the deal worth EUR 36 million.
“Tekpol acquisition aims to strengthen our position in the local market. Ravago has started negotiations regarding investments in polyurethane distribution and production in the Middle East, Russia and Gulf countries”, Ravago Turkey CEO, Mehmet Onur, said about the acquisition.
One of the oldest plastics producers of Europe, Ravago is active with 8 companies in Turkey, employing over 800 people. Turkish operations account for 10 percent of Ravago’s global turnover. The company has invested EUR 70 million in Turkey during last year, both in production operations and acquisitions.