Frigoglass finds SFA a Turkish delight
REFRIGERATION manufacturer Frigoglass has bought a majority share in Turkish drinks cooler maker SFA.
Greek refrigeration manufacturer Frigoglass will be acquiring up to 86% of the company's equity for €50 million (including debt but excluding acquisition costs).
SFA is a leading exporting supplier of coolers in Turkey and has a strong presence in the brewery, dairy and juice segments.
SFA's 2008 sales are expected to be €50 million.
Petros Diamantides, managing director of Frigoglass, said
'We are delighted to announce this latest expansion of our geographic footprint in Turkey which is in line with our strategy of entering new markets where attractive growth potential exists.
'The production facilities in Turkey further provide an excellent base for the promising markets of Central Asia and the Near East that we would be pursuing.'
Frigoglass has a sales office in Milton Keynes. Its cooler manufacturing and distribution plants are located in Norway, Poland, Russia, India, China, South Africa and Greece.
The completion of its purchase deal is subject to approval from the Turkish authorities.