South Korea's Lotte Chemical Group has taken a 72.5 percent stake in Turkey's leading engineered stone maker Belenco for 125 billion won ($111.6 million).
According to the press release published by Lotte, Lotte Advanced Materials, a subsidiary of Lotte Chemical, will realize the acquisition, Reuters reported.
Belenco, Turkey's leading engineered stone maker, established a plant in the Manisa Organized Industrial Zone in 2011 on a closed area of 19,000 square meters and an outdoor area of 36,000 square meters. In 2018, the company produced quartz surface products with a robot arm for the first time in Turkey.
"Our company has signed a partnership agreement with South Korea's Lotte Chemical Group," Belenco said on the company's website. "The entry into force of the contract is subject to approval by the Competition Board. Data from some media organs related to this cooperation do not reflect the truth. We will continue to represent Turkish industry on a global scale."
With a production capacity of 230,000 pieces in two lines, quartz-based engineered stones produced by the company are used for construction and interior design. Belenco ranked 787th among the Top 1000 Exporters in Turkey in 2017, reaching over $24 million in exports, an increase of 21.3 percent.
Quartz-based engineered stones are used in many areas of construction and interior design, from home kitchen and bathroom benches and floors, to indoor flooring and walls. Belenco's customers include many leading brands in Turkey and international companies such as Starbucks, Sheraton and Rixos.