ISTANBUL, May 8 (Reuters) - 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