Eczacıbaşı to buy out local paper firm

ISTANBUL - Hürriyet

Eczacıbaşı Holding has agreed to buy out Georgia Pacific’s 50 percent stake in İpek Kağıt, giving the holding full control over the country’s leading producer of paper towels.

“In the period ahead, İpek Kağıt’s strong brand presence, valuable human resources and cutting-edge technology will allow the company to build on its success,” said Bülent Eczacıbaşı, president of the board of directors, praising Georgia Pacific for its 11 years of valuable contributions to the company.

New products and expansion to new regions will be crucial for continued growth, he said.

İpek Kağıt, which first began producing modern paper towels in 1970, controls to two major brands, Selpak and Solo.

İpek Kağıt, which has production facilities in the northwestern province of Yalova, the Aegean province of Manisa and Kazakhstan, exports to more than 30 countries