WAVIN acquires Pilsa Plastic Products Inc, a significant player in Turkish market
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Wavin N.V., Europe’s leading supplier of plastic pipe systems and solutions, announces that it has signed an agreement with the Sabanci Group to acquire Pilsa Plastic, a prominent Turkish manufacturer of plastic pipes and fittings. In 2007 the expected revenue of Pilsa will be approximately 125 million USD. Pilsa Plastic currently employs 390 people
The purchase price for this acquisition is around 82 million USD (subject to adjustments on the closing day) and will be funded from existing credit facilities. Wavin is currently in discussions with potential partnership candidates that may take a minority stake in the transaction.
Wavin CEO Philip Houben comments: “Pilsa is an important strategic acquisition for the Wavin Group. As one of the first international companies in the industry to move into the emerging Central and Eastern European markets, Wavin has built strong leading market positions in many of these rapidly growing economies. The acquisition of Pilsa provides Wavin with an excellent opportunity to benefit from the positive economic developments in Turkey and surrounding countries. The company is a significant player in its home market and has strong export positions in several Central and Eastern European countries. We expect the acquisition to be accretive to earnings per share from the start.”
Completion of the acquisition is subject to certain conditions, including all necessary regulatory approvals and consents. Subject to the satisfaction of these conditions, parties expect to complete the transaction at the end of 2007 or the beginning of 2008.
About Sabanci
Sabancı Holding is the parent company of the Sabancı Group, Turkey’s leading industrial and financial multi-business firm. The Sabancı Group is composed of 70 companies, many of which are recognized market leaders in their respective sectors. Sabancı Holding’s main business units include financial services, automotive, tire & tire reinforcement materials, cement, retailing, energy. Sabancı Holding has controlling interests in 13 companies listed on the Istanbul Stock Exchange. In 2006, the consolidated revenue of Sabancı Holding was 12.1 billion USD with an EBITDA of 1.9 billion USD.
About Pilsa Plastic Products Inc
Pilsa Plastic Inc. has been leading the Turkish Plastic Sector both by its technology and capacity of production since 1971, which is a member of the most important cooperation of Turkiye, Hacı Omer Sabancı Holding.
Here are some properties, which distinguishes Pilsa Plastic Inc. from its opponents and make Pilsa prior among the others with the experience of more than a quarter century.
- Pilsa uses the high quality raw materials according to the industrial needs.
- Pilsa has the most contemporary and modern manufacturing plant in Turkiye.
- Pilsa creates its own technology and production by investing great amount of its income on R&D.
- Pilsa possesses a complete technical substructure and highly qualified staff to solve all kinds of problems that a company could encounter.
- Pilsa has the Quality Control System, which tests and analyses the production continuously.
- Pilsa produces pipes and fittings to comply with the TS 201, TS 274, DIN 19532 and DIN 8062 norms.
- Pilsa possesses the sanitary certificates which are ensured from Turkish Ministry of Agriculture and German Hygiene-Institute’.
- Pilsa products have the certificate of sufficiency of production and congruity to the standards of Turkish Standards Institute, and are guaranteed by the TSE.
- Pilsa has the capacity of providing machinery, equipment and the variety of products to fulfil the needs of contemporary world that is changing every other day.
- Pilsa is in the service of its consumers; with exclusive dealers, specialist services, warehouses and distribution vehicles that are spread all over Turkiye.
Contact: media@wavin.com, InvestorRelations@wavin.com, export@pilsa.com.tr. www.pilsa.com.tr