Turkish constructing materials firm Çimsa has introduced it is going to spend €330m on buying 94.7% of shares in Northern Eire’s Mannok.
Mannok’s management group will retain 5.3% of curiosity within the firm and can proceed to steer the enterprise, which can act as a “progress hub” for Çimsa in Eire and the UK, based on a press launch.
Mannok employs 800 workers throughout two divisions: constructing merchandise, resembling manufacturing cement, concrete, quarry, combination merchandise and insulation supplies, and packaging for the meals business.
Çimsa states that the transfer will enable them to develop within the UK and Eire, to diversify and to spice up its inexperienced credentials.
Çimsa is a subsidiary of Turkish conglomerate Sabanci Holdings, which generated income of €31.5bn in 2023.
Adrian Barden, Mannock’s chairman, mentioned: “Çimsa and the broader Sabanci group are an excellent match for Mannok as new long run, strategic house owners with wonderful sustainability credentials and know-how.
“The Group is steeped in cement manufacture and constructing merchandise and, as a various conglomerate, it additionally has pursuits in retail and meals, vital sectors for our packaging enterprise.”
