Spanish paper and packaging firm Saica has acquired OMK, a corrugated manufacture based in Turkey, according to Recycling Today. The financial terms of the purchase deal were not disclosed in the said report.
Saica president Ramon Alejandro said of the transaction: "This is an important acquisition for Saica as it not only gives us a strong position in a rapidly developing market, but also enables us to better serve our key customers throughout their European operations."
This is Saica's second acquisition for the year 2014. Last Month, the paper producer announced it would buy Spain-based containerboard manufacturer Microlan. Saica has paperboard mills located across the UK, Spain, and France, the report explained.
OMK currently employs 260 workers and posts yearly sales amounting to €20 million, the report added.
The Spanish company said Turkey's corrugated board industry has a huge potential for growth. The country's Gross Domestic Product (GDP) is expected to climb 4.5% from 2014 to 2020, Recycling Today reported.
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