Turgay Ciner, who sold his media investments in Turkey to the Can Group, has sold his shares in his US soda ash company to his partner, Türkiye Şişe ve Cam Fabrikaları (Şişecam).
Şişecam announced that it has acquired the entire stake held by its partner, Ciner Group, in Sisecam Chemicals Resources LLC and Pacific Soda LLC.
DETAILS OF THE AGREEMENT
Şişecam paid a total of 285 million 389 thousand dollars to acquire all of Ciner Group's shares in Sisecam Chemicals Resources LLC and Pacific Soda LLC. With this acquisition, Şişecam's stake in Pacific Soda LLC, its soda ash investment in the US, has risen to 100 percent, while its stake in Sisecam Wyoming LLC in Wyoming has increased to 51 percent.
Pacific Soda LLC produces natural soda ash with an annual capacity of 5 million tons, while Sisecam Wyoming LLC has an annual production capacity of 2.5 million tons. With this investment, Şişecam's total soda ash production capacity will exceed 10 million tons.
In a statement, Şişecam General Manager Görkem Elverici said, "We are moving toward global leadership in soda ash production and natural soda ash production. We do not see the potential in soda ash as limited only to the sectors it currently supplies."
News Source: AA
