Sisecam Group makes offer to acquire second flat glass plant in Italy
NEWSMergers, acquisitions & disposals
Updated: 21 February 2018
Sisecam Group has made a move to own a second flat glass factory in Italy
Sisecam Group continues to seize inorganic growth opportunities in addition to new investments. Currently the largest flat glass producer of Europe, the group now made a move to own a second flat glass factory in Italy, after acquiring the Sangalli Porto Nogaro plant in 2016.
Europe's largest flat glass producer Sisecam, has submitted an offer for the acquisition of the Sangalli Group's Sangalli Manfredonia facilities in southern Italy, in a move to own a second flat glass plant in the country. Sisecam Group paid around EUR 85 million in 2016 to acquire the same group's Sangalli Porto Nogaro facilities in northern Italy.
Commenting on the acquisition offer, Sisecam Group Vice Chairman and CEO Prof. Ahmet Kirman made the following statement: "We expect strategic benefits in terms of our European flat glass operations by acquiring the Sangalli Manfredonia plant, which enjoys a favorable geographical location and offers an annual production capacity of 190,000 tons. The Porto Nogaro plant, which we acquired in November 2016 has made a significant contribution to our competitiveness in the European market. If we finalize the acquisition operation for the Sangalli Manfredonia plant, we will further consolidate our European leadership while doubling our flat glass production capacity in Italy. Our group is currently the largest Turkish investor in Italy, and completing the planned acquisition will further improve that leading position, and we will also become one of the largest flat glass producers of Italy."
The tender process is expected to be completed in the coming months. The 190,000 tons/year flat glass plant in southern Italy also operates a 4 million m2/year lamination line, a 4 million m2/year coating line, and a 1.5 million m2/year satin line.
Kirman said: "We are active in the four main segments of flat glass, glassware, glass packaging, and chemicals. We are aware that we cannot achieve our strategic targets through organic growth only. Thus, inorganic growth is important for us, especially outside Turkey. In accordance with our investment policy focusing on sustainable growth and high performance, we make continuous efforts to seize all potential opportunities including acquisitions, joint ventures and other forms of cooperation. Our offer for the Italian flat glass producer Sangalli Manfredonia is a result of these proactive and careful efforts."
coating line
favorable geographical location
lamination line
satin line
strategic benefits
tender process