Georg Fischer (Schaffhausen / Switzerland; www.georgfischer.com) has recently acquired the majority stake at Turkish Hakan Plastik (Cerkezköy; www.hakan.com.tr), a provider of plastic piping systems in building technology and water infrastructure markets in Turkey, the Middle East and Eastern Europe. Georg Fischer maintains an option to purchase the remaining shares.

In a statement issued by the Swiss company, it was announced that the current management team at Hakan Plastik would remain intact under the supervision of the current owners to ensure continuity and a smooth transition in executing synergies with Georg Fischer. Closing is anticipated to occur in July. No financial details of the transaction have been disclosed.

For GF Piping Systems, a division of Georg Fischer, the acquisition represents a logical step in its strategy to establish a strong presence in the region. Hakan Plastik, founded in 1965 by the Karadeniz family, generated sales of roughly EUR 85m in 2012 and has roughly 650 employees. It has two production sites; in Cerkezköy,100 kms north of Istanbul, and in the south of Turkey in Sanliurfa, which opened in 2012.

With over 5,000 employees, GF Piping Systems generated sales of about CHF 1.3 bn (EUR 1.1 bn) in global sales for 2012.