Çimsa, a global building materials company operating as a subsidiary of Sabancı Holding, has signed an agreement to acquire 94.7 per cent of Mannok Holdings DAC.
Following expansions in Spain and the US, this agreement marks Çimsa's third major global initiative in the past three years.
Mannok, formerly Quinn Industrial Holdings, operates in two main business segments – building materials and packaging products. It has manufacturing facilities in the Republic of Ireland and Northern Ireland, and a sales and distribution network across the Republic of Ireland, Northern Ireland, and Great Britain.
The company offers a range of products, including cement, cement-based products (such as roof tiles, precast, and concrete), insulation materials, and sustainable plastic packaging, employing more than 800 people.
It is expected to enhance Çimsa's product portfolio, diversify its production geography, and strengthen its local and global supply chains.
Burak Orhun, president of Sabancı Holding's Material Technologies Group, said: "The acquisition of Mannok, once finalised, will be perfectly aligned with our transformation strategy. It allows us to expand our footprint in the UK and Irish markets, which are critical for our growth.
"By incorporating Mannok's advanced product lines, we can offer more diversified and value-added solutions to our customers.
"This acquisition also supports our goal of transitioning our portfolio from grey to green, in line with our commitment to sustainability."
