Sabanci completely exits Temsa

Dünya Executive - - BUSINESS - KERIM ULKER

Sabanci Holding, which has successive­ly purchased companies in the U.S. over the past year, is simultaneo­usly selling its assets in the automotive sector in Turkey. The group, which incorporat­ed three U.S. companies in a year, realized two separate sales in Temsa in a week. Sabanci Holding sold its Temsa Ulasim Araclari company that produces buses, minibuses and light trucks, for TRY 182.7 million to Swiss-based True Value Capital Partners. According to the sales agreement, the company was handed over in exchange for TRY 375 million of stock value after debt and cash arrangemen­ts were made over the TRY 825 million company value. The move con

tinued Sabanci’s exit process from automotive, which it started with Toyotasa.

This was not the only Temsa sale Sabanci carried out last week. Having applied to the Competitio­n Authority, Temsa started negotiatio­ns to sell its shares in its constructi­on equipment unit.

Marubeni became a partner in 2014

Sabanci Holding pushed the button to sell 49 percent of Temsa Is Makinalari company in 2014. Sumitomo from Japan and Bayraktar Holding were interested in this part of Temsa at that time but the shares were bought by Marubeni Corp via Credit Suisse. This time, Sabanci sat at the table with Marubeni once again for the remaining 51 percent of the shares and applied to official institutio­ns for the necessary permisssio­ns. If an agreement is reached, Sabancı will exit from Temsa Is Makinalari and all shares will be transferre­d to Marubeni.

Marubeni, one of the largest companies in the world, has 40,000 employees. Among the general trading companies called Sogo Shosha in Japan, Marubeni is among the top 5.

Temsa Is Makinalari has maintained the Komatsu distributo­rship, which started in 1983, for the last 36 years. This cooperatio­n of the two partners is the longest distributo­rship agreement in Turkey.

Kordsa bought three companies in the U.S.

While fully exiting Temsa, Sabanci has continued its growth with Kordsa, which has made various investment decisions both at home and abroad. Notably, it purchased the U.S. companies Fabric Developmen­t, providing advanced composite materials for aerospace industries, and Advanced Honeycomb Technologi­es in July 2018. Not satisfied with these two companies, Kordsa announced at the beginning of this year that it signed an agreement with another U.S. company, Axiom Materials, to purchase approximat­ely 96 percent of the company for $181 million.

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