Turkish packaging manufacturer Sarten has entered into an agreement to sell 15% of its shares to Japanese firm Mitsui.
Sarten is the third largest steel can manufacturer in Europe and operates 13 plants in Turkey, as well as single facilities in both Russia and Bulgaria. Equity participation in Sarten will enhance Mitsui’s efforts to benefit from growth in the Turkish economy, after Mitsui identified the country as a priority in its new medium-term management plan.
Sarten’s executive setup will remain unchanged; the details of the transaction were revealed at a ceremony in Istanbul.
Mitsui said: “An upward trend in demand in packaging industry is expected in view of factors including population growth, lifestyle changes and the growing presence of women in the workforce. For these reasons, Sarten can be expected to achieve further growth and development in Turkey and surrounding countries.”
Sarten CEO Zeki Saribekir added: “We aim to become the number one packaging company in our region. After the transfer of 15% shares of our company, which was previously owned 100% by our family, to Mitsui, we believe that we would obtain a competitive advantage in a wider region. In a world gradually developing and globalising, we, as Sarten, are making this partnership in order to provide more quality, fast and affordable products. Mitsui will support Sarten’s swift growth with its Japanese vision.”
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