French Imerys buys majority stake in Turkish company

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ANKARAFrench company Imerys has signed an agreement to acquire a majority stake in Turkish refractory maker Haznedar Group, according to a statement released Tuesday.

“Imerys has signed an agreement to acquire a majority stake of 60%, with options to purchase the balance, of the Haznedar group, a Turkish manufacturer of high-quality monolithic refractories and refractory bricks, serving iron and steel, cement and petrochemical segments, ”reads a press release from the French multinational.

“This activity generated $ 64 million in revenue (40% of which was exported) and $ 17 million in EBITDA in 2019,” he said.

The term EBITDA refers to a company’s profit before added interest, taxes, depreciation and amortization.

Imerys aims to strengthen its position in the attractive and growing Turkish market, strategically located between Europe, the Middle East and Africa, the statement added.

“The closing of this transaction, which is subject to antitrust approvals, is expected in the fourth quarter of 2020,” the statement said.

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