Grace to Buy Turkey’s JV Partner
W. R. Grace & Co. has entered into definitive agreements to acquire the remaining 50 percent equity interest in the joint venture it formed in 1996 with STFA Yatirim Holding A.S., one of Turkey’s most established and reputable conglomerates providing services in construction, natural gas distribution, construction equipment, and construction chemicals. With the agreement, STFA will sell its 50 percent stake in Grace Yapi Kimyasallari to a Grace subsidiary.
The business, located in Istanbul, Turkey, provides cement additives, concrete admixtures, and building envelope products in Turkey and the surrounding region. The transaction is pending Turkish regulatory approval and is expected to close by the end of the year. Terms were not disclosed.
“We are pleased to have the opportunity to acquire the remaining interest in this joint venture,” said Grace Construction Products President Tom Petti. “Grace is committed to Turkey and is well positioned to capitalize on the growth in construction spending in Turkey and the surrounding region. We are grateful to STFA for being a terrific partner for nearly two decades.”
Mehmet Ali Neyzi, CEO of STFA, noted, “We are proud of our long and successful collaboration with Grace. We are sure the Grace Turkey team will lead significant growth in the Middle East and Central Asia region.”
The joint venture has been consolidated in Grace financial statements since 2001. Grace Construction Products offers a wide range of innovative specialty construction chemicals and, as a worldwide leader in the construction products industry, its building materials have been used in major projects around the globe. The business will continue to provide Specialty Construction Chemicals products to customers in Turkey, Azerbaijan, Georgia, Kazakhstan, and Iraq. It will also remain an important growth center for the company’s Specialty Building Materials business in the region.