The Korozo Group (Istanbul, Turkey; www.korozo.com.tr) has listed its subsidiary Koroplast (Istanbul; www.koroplast.com) on the Borsa Istanbul stock exchange. The issue of 38% of all shares resulted in a cash inflow of around TRY 367 mn (EUR 20 mn). The new funds will be used to reduce debts, Koroplast CEO Bekir Türkoğlu told Turkish media.

Koroplast has been producing refuse sacks since the 1980s and says it is now the Turkish market leader for refuse sacks and kitchen aid products (plastic bags). It has a production capacity of 15,500 t/y, and currently employs around 210 people at the Esenyurt site near Istanbul. In 2021, Koroplast achieved sales of TRY 407 mn, up 46% from the previous year.

Related: Turkey with record output, imports, exports of plastics products in 2021

With a total of 11 production facilities in Turkey and Belgium, Koroplast’s parent company, Korozo, has a production capacity of more than 125,000 t/y of flexible packaging, almost 90% of which is exported to Europe. Around 2,750 employees generated sales of EUR 345 mn last year.