The European Bank for Reconstruction and Development (EBRD), Turkish private investor Actera and venture capital company Esas Holding are purchasing a majority stake in Korozo Ambalaj.
Financial terms of the stake acquisition have not been disclosed. The new shareholders are seeking to unlock the company’s growth potential and increase its competitiveness and integration in international markets.
Korozo is one of the major companies in Europe and the largest in Turkey in the packaging category. The company has nine facilities across Turkey with a total capacity of 98,000 tonnes a year.
The company has a significant international presence, as it exports more than half of its products to over 80 countries. The company is presently constructing a facility in Çorlu, Tekirdag province, in the Marmara region which could increase its production and boost exports.
EBRD Industry, Commerce and Agribusiness managing director Jean Marc Peterschmitt said: “Korozo is a great example of an ambitious Turkish firm which has started as a family business and grown into a truly international player.
“We are proud to become shareholders and support the company in its next phase of development as it seeks to become one of Europe’s leading producers of flexible packaging. It is this spirit of entrepreneurship, fuelled by skills and ambition, that is the driving force of the Turkish economy.”
Korozo CEO Jeki Mizrahi said: “This partnership is a big step forward that will accelerate Korozo’s growth and investments to achieve our vision of becoming a leading player in the European packaging industry. We will continue to contribute to the Turkish economy, drive market growth and add value for all our business partners.”
The equity investment of EBRD includes a $1m loan from the Clean Technology Fund (CTF) to help Korozo minimise waste and to transform into an environmentally-friendly company.
It is part of the EBRD’s Near-Zero Waste programme in Turkey which, with support from the CTF and EU, finances investments aimed at minimising waste and increasing resource efficiency in the industrial, agribusiness and municipal sectors.
Image: EBRD, Actera and Esas Holding to acquire stake in Korozo Ambalaj. Photo: Courtesy of The European Bank for Reconstruction and Development.