Nordic Business Report-October 19, 2006-Componenta Corporation acquires majority stake in Turkish metal casting company
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The Finnish metal products group Componenta Corporation said on Thursday (19 October) that it has agreed to acquire a 55% majority holding in Turkish metal casting company Doktas Dokumculuk Sanayi ve Ticaret AS (Doktas).
Componenta is paying EUR89m for its 55% stake, which implies a premium of 15%. The seller is Koc Group.
The outstanding 45% of the shares of Doktas are publicly traded on the Istanbul Stock Exchange. Although the acquisition triggers a mandatory offer for the remaining shares, Componenta has stated that it aims to keep Doktas as a listed company.
Doktas manufactures iron and aluminium cast components for the heavy truck, offroad, machine building and car industry. It has 2,500 employees and reported net sales of EUR209m in 2005. The acquisition includes the United Kindgom based sales company Sherbrook.
Componenta said that it expects the acquisition to result in annual synergies of EUR10m by 2008. The combined operations will have 5,000 employees and sales of EUR552m, which makes Componenta/Doktas the second largest independent European supplier of casting components.
Componenta is headquartered in Helsinki, Finland, and has operations in Sweden and the Netherlands. The company is listed on the Helsinki Stock Exchange.
One British pound (GBP) is worth approximately 1.48 euros (EUR).
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