Sabaf, Italy's leading manufacturer of components for household gas appliances, has finalized negotiations to acquire Turkish Okida with an investment of TL 135 million ($27 million).
Making one of the most noteworthy investments in Turkey from Italy in recent years, Sabaf looked to extend its market reach in Turkey with Okida according to a report in the Dünya newspaper.
"The Okida operation represents the first and most important step toward implementing our plans presented earlier this year," Sabaf's CEO Pietro Lotti commented on the deal. "Okida and Sabaf's partnership of quality and innovation, which is common among all home appliance manufacturers around the world, ensures strong sales synergies and a significant improvement in our service to our customers."
The establishment of Sabaf, whose main field of activity is making parts for household gas appliances, dates back to 1950. The Italian giant, headquartered in Brescia in the Lombardy Region, was already operating in Turkey with its Sabaf Beyaz Eşya Parçaları plant founded in Manisa in 2011.
With the facility established with an investment of TL 30 million, Sabaf holds a market share close to 50 percent in Turkey. Sabaf, whose shares went public in the Italian Stock Exchange in 1998, also started producing hinges for home appliances producers in 2000 by incorporating Faringosi, also a world leader in its field. With more than 1,000 employees, Sabaf also has facilities in Brazil and China in addition to Turkey and Italy.
Okida was founded in 1987 as a designer and manufacturer of electronic modules for the white goods sector. It specializes in oven clocks, ovens, hoods and oven control modules.