A TURKISH company has bought a 94.7% stake in Mannok, the building materials and packaging group made up of assets once owned by the businesman Sean Quinn.
Sabanci Building Solutions is a subsidiary of Cimsa, which is part of the Istanbul headquartered Sabanci Group.
The deal values Mannok at €330m.
Locally Mannok will retain a 5.3% stake after the deal completes and the Mannok brand will be retained.
“Cimsa and the broader Sabanci group are a superb fit for Mannok as new long term, strategic, owners with excellent sustainability credentials and know-how,” said Adrian Barden, chairman of Mannok.
“We are very pleased that Sabanci has endorsed the Mannok brand and has agreed to back local management’s plans to accelerate our sustainability and growth ambitons,” he added.
The Derrylin based company employs around 800 people.
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