Şişecam group member Trakya Cam Sanayii has acquired all assets of Italy-based flat-glass manufacturer Sangalli Vetro Porto Nogaro for a gross of €84.7 million.
Sangalli has an annual production capacity of 220,000 tons and means Şişecam has become the largest flat-glass manufacturer of Europe in terms of capacity.
Prof. Ahmet Kırman, Deputy Chairman and CEO of Şişecam Group, stated that the acquisition in Italy would create synergies with the group's flat-glass operations in Bulgaria: "The Italian operation will greatly contribute to our competitiveness especially in the West European flat-glass market in terms of production capacity and logistics."
He added: “We are aware that we cannot reach our strategic targets through organic growth only. Thus, inorganic growth, especially abroad, is important. In accordance with our investment policy based on sustainable growth and high performance, we make constant efforts to use all potential opportunities including acquisition, joint ventures and other cooperation possibilities.
“The acquisition of Sangalli Vetro Porto Nogaro, a flat-glass manufacturer active in Italy, is a fruit of these proactive and diligent efforts."
Şişecam Group is a global player in all main segments of the glass industry, i.e. flat-glass, glassware, glass packaging and fibreglass, as well as soda and chromium compounds.