JAPAN: Commercial refrigeration equipment company Hoshizaki is seeking to acquire a majority shareholding in Turkish kitchen equipment company Öztiryakiler.
Hoshizaki will acquire 28.6% of Öztiryakiler’s shares through capital injection and acquire shares amounting to 51% from existing shareholders over the next three years.
Established in 1958 and based in Istanbul, Öztiryakiler had sales of around $84m in 2018. It is seen as a company full of potential for growth and profitability as it offers highly competitive low-cost products with sales channels across major cities in the Middle East, Europe and Africa.
In a statement, Hoshizaki said: “We will invest in Özti while the company’s existing management continues to lead the business with their in-depth knowledge about the markets in the Middle East, Africa and Europe. In this way, we expect to expand the market share for our group products in
Europe and create a synergy with Özti through their manufacturing of refrigerators, with our support, thereby bolstering product development, product range and price competitiveness as well as productivity and enhanced quality.”
Öztiryakiler has a 140,000 m² factory and 1,300 employees. It operates in more than 100 countries on five continents and has a 10,000m² factory in Russia.