Turkish building material company Çimsa has announced it will spend €330m on acquiring 94.7% of shares in Northern Ireland’s Mannok.
Mannok’s leadership team will retain 5.3% of interest in the company and will continue to lead the business, which will act as a “growth hub” for Çimsa in Ireland and the UK, according to a press release.
Mannok employs 800 staff across two divisions: building products, such as manufacturing cement, concrete, quarry, aggregate products and insulation materials, and packaging for the food industry.
Çimsa states that the move will allow them to grow in the UK and Ireland, to diversify and to boost its green credentials.
Çimsa is a subsidiary of Turkish conglomerate Sabanci Holdings, which generated revenue of €31.5bn in 2023.
Adrian Barden, Mannock’s chairman, said: “Çimsa and the broader Sabanci group are a superb fit for Mannok as new long term, strategic owners with excellent sustainability credentials and know-how.
"The Group is steeped in cement manufacture and building products and, as a diverse conglomerate, it also has interests in retail and food, important sectors for our packaging business.”
