Local firm buys Italian particle board manufacturer
Kastamonu Entegre, Turkey's 41st largest company, has announced the takeover of Italy's third largest particle board (chipboard) manufacturer Gruppo Trombini.
With the purchase Trombini, which was founded in 1962, Kastamonu Entegre's investments abroad have exceeded 800 million euros.
Kastamonu Entegre is known for producing raw and melamine coated particle boards, glossy panels, MDF, laminate flooring, tops and door panels used mostly by the furniture, decoration and construction sector.
With a turnover exceeding $1 billion last year, the company made its latest investments in Italy and now have 18 production facilities in and outside Turkey.
Kastamonu Entegre, through Trombini's two facilities, will continue to manufacture raw and melamine-coated particle board and laminate for Italy's furniture sector.
Targeting a 20 percent market share in Italy, the company will commission these facilities next year.
Founded in 1962, Gruppo Trombini had a total annual capacity of 800,000 cubic meters, with two separate chipboard manufacture plants. Their first plant in Pomposa has an annual capacity of 480,000 cubic meters while the other in Frossasco boasts an annual capacity of 320,000 cubic meters.
Kastamonu Entegre CEO Haluk Yıldız said that negotiations for the acquisition began in the first quarter of 2017.
"We continue to increase our global production capacity. We added Italy to our list alongside Romania, Bulgaria, Bosnia – Herzegovina and Russia, by purchasing Italy's third largest particle board (chipboard) producer Gruppo Trombini. Now our investments abroad is worth more than 800 million euros."
Stressing that Italy, known as a center for fashion and design, is the world's fourth largest furniture producer, Yıldız said the size of Italy's furniture market is worth more than $20 billion and it exports $10 billion worth of furniture every year.
According to information on its website, Kastamonu Entegre, the chipboard manufacturer, is ranked first in Turkey, fourth in Europe and seventh in the world, with a consolidated turnover of 1 billion euros.
It employs about 5,500 employees and exports to nearly 100 countries. It is ranked 41st in Istanbul Chamber of Industry's (ICI) "Turkey's Top 500 Industrial Enterprises" list.
Source: Daily Sabah