Imerys, a global industrial minerals giant based in France, has agreed with one of Turkey’s leading refractory brick manufacturers Haznedar Group to acquire 60 percent of its shares.
According to the statement released by Imerys, the parties have signed an agreement for the acquisition of a majority stake of 60 percent and the French giant holds the option to acquire the remaining 40 percent. The transaction is slated to be finalized in the last quarter of 2020.
Imerys emphasized that the acquisition of Haznedar Group, which has a revenue of USD 64 million – of which 40 percent is from exports - and an EBITDA of USD 17 million as of 2019, is a key move to strengthen its hand in the refractory market. The statement read, “Imerys will complement its current offer with basic and acidic refractory bricks and extend its industrial footprint with a competitive production base in Turkey, a location strategically situated between Europe, Middle-East and Africa. The Group will also strengthen its position within the attractive and growing Turkish market, where Haznedar has a leadership position, a strong brand name and a superior product range.”