By Plasteurope.com correspondent

Turkish building materials manufacturer Çimsa (Istanbul; www.cimsa.com.tr) has bought a 97% stake in Mannok (Enniskillen; www.mannokbuild.com) for an undisclosed sum. The Northern Ireland-based company makes a range of building products, including EPS and polyisocyanurate insulation, roof tiles, aircrete (autoclaved aerated concrete) thermal blocks, and cement.

The Turkish firm, which is owned by Istanbul-based Sabancı Holding (www.sabanci.com), said that once approved, the deal would contribute to Çimsa’s goal of generating 70% of its revenue in foreign currencies – a move it said would enhance its balance sheet quality and enable it to make more strategic long-term plans.

Çimsa’s move for Mannok – with a workforce of around 800 people and turnover of nearly EUR 312 mn last year – represents the firm’s third foray into international markets in the past three years, following deals to expand into Spain and the US.

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Umut Zenar, Çimsa’s chief executive, said the deal had potential impact for both companies. “We believe this agreement marks the beginning of a new era for Mannok. We are committed to preserving the existing workforce and creating new employment opportunities in the region to support Mannok’s further growth under the current strong local leadership team.

“As a company that places talent management at the core of our human resources philosophy, we will implement comprehensive talent development programs for Mannok’s employees.”

Last year, Çimsa generated TRY 20.5 bn (EUR 543.5 mn) in sales and TRY 3 bn in EBITDA.