The company said it had acquired 93 per cent of Asaş Ambalaj Baski Sanayi ve Ticaret A.Ş, earlier this month. No financial details were released.
The Ankara-based outfit, which employs 360 and posted sales last year of €63m, is one of the country’s leading flexible food packaging firms, a company spokesman told FoodProductionDaily.com. It operates from two sites: one at its headquarters in the Turkish capital and another in Romania.
Its customers are a mix of local firms as well as larger international groups in the food industry - specialising in confectionery, dairy and powdered products.
More than two thirds of Asaş‘ market is in Turkey, with around 30 per cent of its products exported to primarily Europe and the Middle East, said Constantia.
Constantia said huge growth potential in developing markets was a major reason behind the buyout- with, for example, per-capita-consumption of flexible packaging in Turkey amounting to less than 50 per cent of European consumption.
The spokesman said there was even greater potential in other targeted areas.
“Current per capita consumption of packaging in markets in North Africa, the Middle East and South Eastern Europe is a fraction of what it is in Western Europe,” said the spokesman. “In Germany and Austria, annual per capital consumption of yoghurt is around 35 litres – compared to just 5-6 litres in these countries. This means these regions should yield long-term sustainable growth.”
Investment in the flexible packaging sector for food and pharmaceutical also made sound business sense as demand for these product types was less susceptible to cyclical swings, he added.
The company said this was the beginning of a wider strategy to develop a presence in these regions.
“We will be looking to develop our footprint in these markets both through organic growth and future acquisitions,” said the spokesman.
Constantia said there were no current plans to change staffing levels at the new acquisition. Instead synergies would be realised by incorporating Asaş into its sales and purchasing structure.