Cimsa sign agreement to acquire Mannok
Turkish-listed global building materials company strengthens focus on UK and Irish markets
GLOBAL building materials company Cimsa, a subsidiary of Turkish conglomerate Sabanci Holding, have signed an agreement to acquire a majority share (94.7%) of Irish building materials company Mannok, for €330 million (£278 million). The local Mannok leadership team will retain the remaining 5.3% shareholding in the business.
Following expansions in Spain and the US, the agreement marks Cimsa’s third major global initiative in the past three years, reinforcing their commitment to becoming a leading player in the UK and Irish markets.
Mannok, formerly part of the Quinn Group of companies, have a strong presence in these markets and will enhance Cimsa’s product portfolio, diversify their production geography, and strengthen their local and global supply chains.
Commenting on the agreement, Burak Orhun, president of Sabanci Holding’s Material Technologies Group, said: ‘The acquisition of Mannok, once finalized, will be perfectly aligned with our transformation strategy. It allows us to expand our footprint in the UK and Irish markets, which are critical for our growth.’
Highlighting the potential impact of the acquisition for both companies Cimsa chief executive officer Umut Zenar added: ‘We believe this agreement marks the beginning of a new era for Mannok. We are committed to preserving the existing workforce and creating new employment opportunities in the region to support Mannok’s further growth under the current strong local leadership team.
‘As a company that places talent management at the core of our human resources philosophy, we will implement comprehensive talent development programmes for Mannok’s employees. Together, we aim to create a brand recognized in the region for its rapid growth, customer-focused solutions, and leadership in innovation, sustainability, and digitalization.’
Mannok chief executive Dara O’Reilly, commented: ‘At this stage of our development, securing a long-term, strategic, well capitalized owner of scale is the right move for Mannok and we look forward to working with our new colleagues at Sabanci.’
Headquartered in Derrylin, Co. Fermanagh, Mannok employ more than 800 people and operate in two main business segments – building materials and packaging products – with manufacturing facilities in the Republic of Ireland and Northern Ireland, and a comprehensive sales and distribution network across Ireland and Great Britain.
