Japan's Kansai Paint acquires 50 pct stake in Turkey's Polisan Boya for $113 mln

Japan's Kansai Paint has acquired a 50 percent stake in Turkey's Polisan Holding's paint unit, Polisan Boya, for $113 million, the companies said in a written statement on Oct. 31. 
According to the acquisition deal, which was signed on Oct. 31, Kansai Paint will buy 37.6 percent of Polisan Boya stakes for $68.5 million and make a further $45 million for the equity sharing, thus acquiring 50 percent of stake in the company. 

The agreement was inked by Polisan Holding Chair Necmettin Bitlis, Polisan Holding CEO Erol Mizrahi and Kansai President Hiroshi Ishino at a press meeting in Istanbul. 

Both sides will have equal say in the decision making, according to the statement.  

The deal is expected to be published online in December after the completion of the required approvals from competition authorities. 

With the clinch of this partnership, Polisan will focus more on exports, its chief Mizrahi said, as reported by Reuters. 

It was also announced at the meeting that Polisan established a new factory in the northwestern province of Kocaeli with a 35 million-euro investment, excluding land costs. This new facility is planned to open in 2017, as reported by Reuters. 

Kansai's Ishino said Polisan Boya is a great partner with its strong management, widespread sales networks, innovative products and services and its facilities for Kansai to realize its growth strategies in the Eastern European market.