Brenntag Acquires Turkish Distributor
In a transaction expected to close within the next few weeks, German chemical distribution giant Brenntag has agreed to acquire Istanbul, Turkey-based distributor Parkoteks for an undisclosed sum.
With sales of about €14.3 million in 2014, the Turkish company founded in 1989 focuses on specialty chemicals in particular for the personal care industry. Along with having its own in-house application laboratory Brenntag said it benefits from long-term and exclusive partnerships with international leading specialty chemicals manufacturers.
“Parkoteks is a significant addition to Brenntag’s strategy in Turkey and a valuable extension to our existing personal care product portfolio,” said the German company’s managing board member Karsten Beckmann. Putting the two companies together provides “a powerful combination with an outstandingly distributional strength also in the personal care sector,” he added.
Matthias Compes, president of Brenntag CEE Central, said Turkey – where the German distributor began operating more than 10 years ago – continues to be an attractive market for the chemical distribution business.
The acquisition of Parkoteks “allows us to bring additional know-how and support to our customers in the personal care industry, while seeing an increasing demand of value-added products in various markets in Turkey,” Compes said.