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Frigoglass Announces Share Purchase Agreement With SFA |
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Monday, 05 May 2008 |
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 Frigoglass announced that it
has reached an agreement for the purchase of a majority stake in the
Istanbul-based SFA from its main
shareholders. SFA is one of the leading exporting suppliers of ICMs (Ice Cold
Merchandisers) in the region with a particularly strong presence in the
brewery, dairy and juice segments.
Frigoglass, the Greek leading maker of beverage refrigeration equipment, will
be acquiring up to 86% of the company’s equity for a net consideration of approximately
€50 million (including debt but excluding acquisition costs). The transaction
is expected to be EPS accretive during the first full year of consolidation. According
to the company’s press release, the remaining shares of the company will
continue to be held by AHT Cooling Systems by mutual consent, given the shared
opportunities that both parties believe exist through developing this
partnership.
Petros Diamantides, Managing Director of Frigoglass, commented: “We are
delighted to announce this latest expansion of our geographic footprint in Turkey which is
in line with our strategy of entering new markets where attractive growth
potential exists. SFA has been successful in
developing a blue-chip customer portfolio across different segments
through an exciting range of products. We would be focusing on further
enhancing the relationship with the new SFA accounts and of course, extending
our collaboration with existing ones. The production facilities in Turkey further provide an excellent base for the
promising markets of Central Asia and the Near East
that we would be pursuing.” |
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