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New ownership for ADVANSA BV polyester business
16 Jun '11
2 min read
Sabanci Holding has announced the sale of its shares in its polyester subsidiary ADVANSA BV in Europe.
The company has been purchased by a group of investors including a European leader in recycling, which is one of the raw material suppliers of ADVANSA BV in Germany. The investor group also includes Senior Management of ADVANSA BV in Europe as shareholders.
Under new ownership, ADVANSA BV will continue with all of its current operations in Europe including the polyester staple fibre production plant in Germany. ADVANSA BV fully retains its exclusive European rights to the former Du Pont polyester brands and technology. The company intends to continue its significant level of investment in brand marketing and R&D.
The Turkish operations of ADVANSA BV: The SASA Company, will remain under majority control of Sabanci Holding as a publicly listed company on the Turkish stock exchange. ADVANSA BV will continue to represent SASA for sales of its polyester fibres, filament and polymers into Europe.
Dr. Heinz Meierkord, General Manager of ADVANSA BV commented "ADVANSA BV's strong portfolio of brands, technology and technical fibres will continue to be at the heart of our strategy, while the ownership change secures the long term future of the business and will also reinforce ADVANSA BV's position as a leader in sustainable polyester fibre production."
ADVANSA BV sales in Europe were in 2010 approximately 150 million Euros. Details of the financial value of the share purchase were not disclosed.
Headquartered in the Netherlands and operating in Europe, the Middle East and Africa, ADVANSA BV is a leading supplier of polyester fibre, filament and specialties in the region, and has annual revenues in excess of 150 million Euros.
Sabanci Holding is the parent company of the Sabanci Group, Turkey's leading industrial and financial conglomerate. Sabanci Holding's main business units include financial services, automotive, tire and tire reinforcement materials, retail, cement and energy. Listed on the Istanbul Stock Exchange (ISE), Sabanci Holding has controlling interests in 11 companies also listed on the ISE.
The company has been purchased by a group of investors including a European leader in recycling, which is one of the raw material suppliers of ADVANSA BV in Germany. The investor group also includes Senior Management of ADVANSA BV in Europe as shareholders.
Under new ownership, ADVANSA BV will continue with all of its current operations in Europe including the polyester staple fibre production plant in Germany. ADVANSA BV fully retains its exclusive European rights to the former Du Pont polyester brands and technology. The company intends to continue its significant level of investment in brand marketing and R&D.
The Turkish operations of ADVANSA BV: The SASA Company, will remain under majority control of Sabanci Holding as a publicly listed company on the Turkish stock exchange. ADVANSA BV will continue to represent SASA for sales of its polyester fibres, filament and polymers into Europe.
Dr. Heinz Meierkord, General Manager of ADVANSA BV commented "ADVANSA BV's strong portfolio of brands, technology and technical fibres will continue to be at the heart of our strategy, while the ownership change secures the long term future of the business and will also reinforce ADVANSA BV's position as a leader in sustainable polyester fibre production."
ADVANSA BV sales in Europe were in 2010 approximately 150 million Euros. Details of the financial value of the share purchase were not disclosed.
Headquartered in the Netherlands and operating in Europe, the Middle East and Africa, ADVANSA BV is a leading supplier of polyester fibre, filament and specialties in the region, and has annual revenues in excess of 150 million Euros.
Sabanci Holding is the parent company of the Sabanci Group, Turkey's leading industrial and financial conglomerate. Sabanci Holding's main business units include financial services, automotive, tire and tire reinforcement materials, retail, cement and energy. Listed on the Istanbul Stock Exchange (ISE), Sabanci Holding has controlling interests in 11 companies also listed on the ISE.
ADVANSA BV
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