Akkim Kimya to Invest USD 63 Million

Akkim Kimya, a subsidiary of Akkök Holding, started 2021 with a new company acquisition investment. Akkim Kimya incorporated USK Kimya, Turkey's largest carboxymethyl cellulose (CMC) producer operating in Aydın, through a USD 63 million agreement. The Competition Board is expected to approve the acquisition during February for the transaction to be completed. Akkim Kimya, a leading chemical substance manufacturer in Turkey, added another strategic investment to its portfolio. Growing through company acquisitions toward its expansion targets, Akkim incorporated USK Kimya in exchange for USD 63 million. The Competition Board is expected to approve the agreement during February, with the transfer proceedings expected to be finalized by the end of the month. USK Kimya, now part of Akkim, ranks among the world's leading carboxymethyl cellulose (CMC) producers. Founded in 2001 in Nazilli, a district of Aydın, the company exports 80 percent of its annual production reaching 40,000 tonnes. The sectors served by USK Kimya include oil and natural gas drilling, detergent, mining, food, personal care, textile, paper and ceramic. Producing high-purity CMC as well, USK Kimya ranks among the world's largest technical CMC producers.

"Opportunity to double exports"

Onur Kipri, General Director of Akkim Kimya, stated that the acquisition investment provides them with an opportunity to double their exports. Referring to USK Kimya's high export rate, Kipri said: "We are very pleased that USK Kimya will be merging with Akkim. When making this investment decision, we considered USK's strength in exports, its clear market dominance domestically and its know-how capability. We believe that the synergy with the customer portfolio parallel to the sectors served by Akkim, along with production processes and supply chain stages, will add value to us. I hope this agreement will be beneficial for both parties and the chemical industry." Kipri added that Akkim will continue organic and inorganic growth investments in the coming period, stating that it aims to increase its annual revenue to USD 600 million over the next 5 years. Ahmet Dördüncü, Chairman of the Executive Board of Akkök Holding, expressed the importance they attach to this Akkim investment, saying, "The chemical industry holds a critical place within our group. In this sense, we find all investments made in line with our strategic growth targets highly valuable and we support them."

USD 200 million in acquisitions over 6 years

With this investment, the total value of acquisitions made by Akkim Kimya over the last 6 years reached USD 200 million. Entering the sector in 2015 by incorporating Akcoat, one of the world's largest enamel and ceramic frit producers, Akkim acquired the German chemical sales and marketing company Dinox in 2017. Subsequently, Akkim acquired all shares of Akferal, established as a 50-50 partnership with Feralco, Europe's second largest water chemicals producer. Additionally, Spanish Megacolor, which produces ceramic printing inks, was acquired by Akcoat, an Akkim subsidiary.