EBRD and two major Turkish investors are acquiring stakes in the local Korozo Ambalaj
The EBRD, the leading private equity investor in Turkey Actera, and the venture capital firm Esas Holding are acquiring a majority stake in the leading Turkish producer of flexible packaging Korozo Ambalaj, EBRD announced.
The investors are planning to boost the company’s growth potential and increase its competitiveness and integration in international markets. “Successful economies should be competitive, well-governed, green, inclusive, resilient and integrated”, the EBRD said.
Founded in 1973 in Instanbul, today Korozo is a major manufacturer of flexible packaging in Europe and the largest in Turkey.
The company operates nine production facilities in the country, which total annual capacity amounts 98 000 tons. Korozo is currently building a modern plant in Corlu, Tekirdag province, in the northern Marmara region. The main purpose of the facility is to expand production and boost exports. More than half of the company’s production today is exported to 80 countries across the globe, EBRD reports.
The equity investment of the European Bank of Reconstruction and Development is accompanied by a US 1 million dollar loan, which is provided by the Clean Technology Fund (CTF). The money is aimed at the implementation of projects for the minimization of waste and optimizing the environmental policy of the company. It is part of the EBRD’s Near-Zero Waste programme in Turkey, supported by the CTF and EU. The programme funds investments in the field of minimising waste and increasing resource efficiency in the industrial, agribusiness and municipal sectors, EBRD also disclosed.
“Korozo is a great example of an ambitious Turkish firm which has started as a family business and grown into a truly international player. We are proud to become shareholders and support the company in its next phase of development as it seeks to become one of Europe’s leading producers of flexible packaging. It is this spirit of entrepreneurship, fuelled by skills and ambition, that is the driving force of the Turkish economy”, Jean Marc Peterschmitt, EBRD Managing Director for Industry, Commerce and Agribusiness, commented.
“This partnership is a big step forward that will accelerate Korozo’s growth and investments to achieve our vision of becoming a leading player in the European packaging industry. We will continue to contribute to the Turkish economy, drive market growth and add value for all our business partners”, Jeki Mizrahi, CEO of Korozo, said.
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