Sabanci completely exits Temsa
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.