Fosroc, the international construction chemicals group, said it has reached an agreement to acquire a "substantial majority shareholding" in Turkish cement additives company Idea Kimya, subject to regulatory approval.
Commenting on the deal, Dr Andre Ladurelli, CEO of Fosroc, said: “Our strategy is to continue achieving double-digit organic growth in existing businesses and enter new territories through the formation of new ventures as well as through acquisitions. The acquisition of Idea Kimya is an excellent example of this strategy, demonstrating our commitment to growth whilst providing a substantial platform for further development in Turkey and its neighbouring countries.”
Hakan Gülseren, MD and one of the founders of Idea Kimya, commented: “The integration of Idea Kimya into the Fosroc Group will create new high growth opportunities. Fosroc will provide a thorough range of construction chemicals products and solutions, with the support of their global organisation”.
Idea Kimya is engaged in manufacture and sale of cement additives and concrete admixtures. The company serves its customers in Turkey and the Middle East from two manufacturing facilities based in Turkey.
Fosroc has been a part of the JMH Group since 2002. The company is based in Dubai. With sales close to $500m, Fosroc operates 20 manufacturing plants and trades in Europe, The Middle East, India, Central Asia, Far East and Africa.