Austrian giant acquires remaining stake in Turkish plastics firm

Published 25.08.2017 23:08

Greiner, one of Europe's largest companies in chemistry, plastics and heavy industry, bought the remaining shares of Teknik Plastik, 51 percent of which it had bought in 2015. Thus, Greiner has made its fourth move in Turkey in the past two years, according to a report by Turkish daily Habertürk.

The Austrian giant, with sales revenue of 1.5 billion euros, continues to expand its operations in Turkey by purchasing company shares. Greiner bought 51 percent of Teknik Plastik shares owned by the Özata Group in 2015 and changed the company's name to Teknik Plastik Greiner Packaging. Then, Greiner bought the majority stakes of Teknik IML.

Greiner also bought TGM Ambalaj, one of the subsidiaries of the same group two months ago and purchased the remaining shares of Teknik Plastik to own the entire company.

Greiner's moves in Turkey are to strengthen its presence in the Middle East, North Africa and Asia markets.

Greiner Holding Chairman Axel Kührer said purchasing is part of the company's strategy to enter the Middle East and Asian markets. Underlining that they have been very successful in Turkey for two years, Kührer emphasized that Turkey has huge growth potential and indicated that they will continue to invest in the country.

Teknik Plastik produces plastic hygienic plastic packaging and vending machine glasses for leading companies. It is one of the biggest companies in Turkey in milk product packaging. The company's product range consists of approximately 5,000 products.

Founded in Germany in 1868 and later moved to Austria, Greiner Packaging is one of the four main branches of Greiner Holding and Europe's largest plastic packaging manufacturer in the food and nonfood sectors. The company operates in 19 countries and has more than 4,000 employees. The company reached sales revenue of nearly 600 million euros last year and achieved 3.5 percent growth compared to the previous year.

The sales revenue of roof company Greiner Holding reached 1.5 billion euros last year, while the number of employees reached 9,700.

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