ANKARA (Turkey), February 11 (SeeNews) – Ravago Petrokimya Uretim A.S., a unit of Belgian petrochemical industry services firm Ravago Holding SA, has acquired Turkish polyurethanes producer Tekpol S.A. for 36 million euro ($49 million), Turkish media reported on Tuesday.
With the acquisition, Ravago aims to expand its share on the polyurethane market, Daily Sabah reported.
You can subscribe to our M&A newsletter here
Ravago has started negotiations regarding investments in polyurethane distribution and production in the Middle East, Russia and Gulf countries, the daily reported, citing Ravago Turkey CEO Mehmet Onur.
Tekpol produces 300 polyurethane systems in the thermoplastic polyurethane (TPU) and thermoset polyurethane groups. Ravago started producing TPU in Turkey two years ago, according to Sabah.
($ = 0.733 euro)