ISTANBUL May 8 Swiss engineering group Georg
Fischer AG said on Wednesday it will buy a majority
stake in Hakan Plastik with an option to buy the Turkish plastic
pipe maker's remaining shares.
Sources close to the deal, which is expected to be completed
in July, said the price will be between 50-100 million euros.
"(Hakan Plastik) ideally complements (Georg Fischer) Piping
Systems with its location at the center of promising growth
markets and brings a wealth of new products which greatly
enlarge our offering," the Swiss firm's chief executive Yves
Serra said in a statement on its website.
Hakan Plastik generated sales of 200 million lira ($111
million) in 2012 and has a workforce of approximately 650
people, according to the statement. Its products are used mainly
in construction, irrigation and water and gas distribution.
($1 = 1.7968 Turkish liras)
(Writing by Ece Toksabay; Editing by John Stonestreet)