Japanese investment firm Mitsui has signed a deal to acquire 15 percent of Turkish metal packaging firm, Sarten Ambalaj.
Sarten produces metal packaging products, such as cans for food, cosmetics and industrial products. Established in 1972 in İstanbul, Sarten is a family-owned firm with production facilities in Turkey, Russia, Bulgaria and Romania. The company is now Europe’s third largest producer of steel cans.
Mitsui is one of many Japenese companies looking to expand in fast-growing overseas markets. Turkey’s proximity to Europe and the Middle East, coupled with its economic growth and manufacturing capabilities has made the country’s businesses attractive to foreign investors.
The Japanese firm has prioritized Turkey in its medium term management plan. With a market value of $26 billion, Mitsui is one of Japan’s largest trading houses and its operations include the sale of iron and steel products.
Zeki Saribekir, CEO of Sarten, expressed optimism for the deal, commenting, “We seek to increase quality, produce faster and for lower costs, and to be competitive in the developing and globalizing world.”
The Sarten family will retain management control of the company. Terms of the deal were not disclosed.