Global paper and packaging company International Paper has completed the previously announced acquisition of the shares of its joint venture partner Sabanci in the Turkish corrugated packaging company Olmuksa for $56m.
Following the deal, which was announced in September 2012, International Paper takes majority control in the company owning about 87.5% stake in Olmuksa.
According to the company, the change of control prompts a mandatory call for tender of the remaining public shares of about 12.5% float of Olmuksa, which will be conducted in accordance with the Turkish Capital Markets Board regulations.
International Paper Europe, Middle East & Africa president Maximo Pacheco said packaging is a core business for the company and the deal follows its proposal to expand its global platform and regional presence profitably.
"It is an exciting opportunity to grow and serve our customers in a strategically important geography," Pacheco said.
At present the Turkish corrugated market is the seventh largest in Europe with expected continued average annual growth rates of more than 5%.
