South Africas Metair Investments has announced that it will acquire Turkish battery manufacturer Mutlu Holding for US$220mn to enhance its footprint in Europe
According to the company, it will also buy a 45 per cent stake in Mutlu Plastik, a subsidiary of Mutlu Holding.
Mutlu Holding reportedly earned revenues of US$42.46mn in 2012 and has a 41 per cent share in the battery replacement market, with a 57 per cent market share in the original equipment market in Turkey. Mutlu Holding exports starter batteries to the Russian market as well, according to company sources.
Metair Investments said it will also acquire interests in its other subsidiaries of Mutlu, namely Turker Izabe and Metropol, that provide support services to the manufacturing business.
Metair Investments managing director Theo Loock said, “This deal will enable us to capture a greater share of the start-stop batteries market, with a total production capacity of 11.7mn batteries per annum.”
The deal with Mutlu Holding is subject to regulators and shareholder approval, Metair Investments added.