Greiner Packaging acquires the remaining shares in the Turkish joint venture
28 August 2017
Greiner Packaging is increasing its shares in the Istanbul-based company Teknik Plastik Greiner Ambalaj from 51 percent to 100 percent. The complete takeover of the Turkish dairy product packaging company strengthens the plastics experts’ involvement in the Middle East and in Northern Africa.
Greiner Packaging continues to advance its operations in Turkey. In 2015, the plastics expert acquired the majority stake (51%) in the companies Teknik Plastik and Teknik IML which were later merged to Teknik Plastik Greiner Ambalaj. This step made the company Turkish market leader in the Rigid Plastic Packaging sector for dairy products. On August 23, 2017, Greiner Packaging acquired the remaining shares.
“Greiner packaging has been very successfully represented in Turkey for the past two years. This land on two continents harbors a great growth potential that we would like to make increased use of,” says Axel Kühner, Chairman of the Greiner Group. “The majority stake in Teknik Plastik and Teknik IML in 2015 gave us an initial foray into the markets in the Middle East and North Africa. In line with continuing our globalization strategy, we have decided to integrate the Turkish site with its 270 employees entirely into the Greiner Packaging corporate organization.”
Investment in the Site Infrastructure
Since acquiring the majority stake, Greiner Packaging has been consistently investing in modernizing the site infrastructure and machinery, while significantly expanding the technology and product portfolio as well. “We believe in the Turkish market and have positioned ourselves well in the past two years, both geographically and organizationally, in order to serve the markets in the Middle East and North Africa”, says Manfred Stanek, CEO of Greiner Packaging. “We will therefore also continue to invest in the site.”
Eurasia Packaging: Greiner Packaging introduces the Turkish site for the first time as a 100 percent subsidiary
The joint venture has previously operated under the brand Greiner Packaging Teknik Plastik, and will be known in the future as Greiner Packaging. The new corporate structure will also be clear at Eurasia Packaging in October 2017: The plastics experts will present its Turkish site for the first time as a 100 percent Greiner Packaging site at the most significant Turkish trade fair of the packaging industry in Istanbul.