Turkish industrial conglomerate Oyak Group has acquired PVC additives producer Chemson AG.
The companies announced that Oyak bought Chemson's shares from Austrian private equity fund Buy-Out Central Europe II Beteiligungs-Invest AG, effective Nov. 8. Financial details of the purchase are being kept confidential, the statement said.
Ankara-based Oyak is one of the largest industrial groups in Turkey, with subsidiaries in various industries, including steel, cement and automotive, which employ a total of 35,000. It also owns Akdeniz Kimya, which produces PVC stabilizers and other polymer additives at its facilities in Izmir, Turkey.
"The transaction creates a new, backward-integrated enterprise with clear world market leadership in PVC stabilizers," the statement said.
Chemson is a major producer of stabilizers and processing aids for PVC used in windows and profiles, pipe, injection molding, and soft PVC application such as cables, flooring and roof sheets. The company produces approximately 100,000 metric tonnes of additives per year.
Chemson is based in Arnoldstein, Austria, and also has production centers in Cologne, Germany; Newcastle, England; Rio Claro, Brazil; Dalian City, China; Philadelphia; and Eastern Creek, Australia.