Çimsa signs deal to buy Ireland-based Mannok

ISTANBUL

Çimsa, a Turkish-listed global building materials company and a subsidiary of publicly listed global conglomerate Sabancı Holdings, has reached an agreement to acquire 94.7 percent of Ireland-based Mannok for an overall enterprise value of 330 million euros.

This agreement marks Çimsa’s third major investment in the past three years, following recent investments in Spain and the United States, and underpins its ambition to become a scale player in the U.K. and Irish markets.

Çimsa employs over 60,000 people in 14 countries across five continents.

Mannok operates production facilities in the Republic of Ireland and Northern Ireland, as well as a sales and distribution network spanning the Republic of Ireland, Northern Ireland, and Great Britain, Çimsa said in a filing with the Borsa İstanbul.

The final purchase price for 94.7 percent of the shares will be determined after deducting for financial debt and other adjustments at closing, Çimsa added.

Transaction completion will occur following satisfaction of the conditions set forth in the purchase agreement, including receiving approvals from the relevant authorities, it said.

The Mannok deal is Çimsa's strategy to grow in sustainable building materials markets and expand its global footprint, according to the statement.

The acquisition serves the purposes of sustaining growth in existing businesses and creating joint synergies by entering new business lines, as well as increasing the share of foreign currency-denominated revenues to over 70 percent of the total by diversifying operating geographies and business lines, Çimsa said.