Japan-based Mitsui has announced an agreement to acquire 15% stake in Turkey’s integrated packaging manufacturer Sarten Ambalaj Sanayi ve Ticaret.
In a statement, Mitsui said that it will acquire the stake after accepting a third-party new share allotment by the Turkish company and buying the shares from existing shareholders.
Sarten is considered to be one of Turkey's biggest integrated packaging manufacturers, specialising in producing steel cans and plastic containers for foodstuffs and household goods for motor oil and chemical products.
Sarten also supplies its products to Turkey's neighbouring countries including the Middle East and North Africa and Russia.
Apart from its 13 plants in Turkey, it also has a plant in Russia and Bulgaria.
Mitsui said that it was investing in Turkey as it was a priority country in the company's medium-term management plan and that the acquisition would help Mitsui benefit from the economic growth in Turkey and its neighbouring countries.
Turkey is said to have a GDP growth potential of around 3-5% annually.
Sarten CEO Zeki Saribekir said: "We aim to become the number one packaging company in our region. After the transfer of 15 percent shares of our company, which was previously owned 100 percent by our family, to Mitsui, we believe that we would obtain a compet itive advantage in a wider region.
"In a world gradually developing and globalizing, we, as Sarten, are making this partnership in order to provide more qualit y, fast and affordable products. Mitsui will support Sarten's swift growth with its Japanese vision."
As a part of the investment, Mitsui will help Sarten diversify its product portfolio to reach out to a wider range of industries.
