Şişecam Signs Letter of Intent for Investment

Şişecam Signs Letter of Intent to Invest Based on the letter of intent, should negotiations conclude in an agreement, Şişecam will hold a purchase option right to increase its total stake in ICRON to as much as 50 percent by 2027.

Şişecam has signed a letter of intent to invest in ICRON, a Turkish technology company that provides operational and strategic decision optimization services to numerous sectors.

According to the company statement, Şişecam, which distinguishes itself through smart technologies and capable human resources, continues its growth as a deeply rooted and global industrial company with 88 years of experience by blending its accumulated expertise with transformation and supporting it with promising investments. Şişecam continues to evaluate investment opportunities in different business areas that will bring new capabilities, and with discussions initiated with ICRON, has taken a strategic step in developing its transformation and digitalization-focused work with different skills and perspectives. With its accumulated expertise and capabilities across different areas, Şişecam, which has signed many firsts to date and defines itself as a technology company, has long made technology development part of its business operations. Starting its transformation initiative in 2018 to align with tomorrow's needs, Şişecam was the first company in Turkey to conduct foreign trade transactions using blockchain technology. One of the achievements Şişecam has implemented in line with its 'End-to-End Digital Treasury Management' goal is the Digital Fraud Detection and Control System. Şişecam, the "first" company in Turkey to obtain a corporate SWIFT code and join the SWIFT network, with its manual-intervention-free, end-to-end payment system, was also the recipient of the Adam Smith Best Cyber Security Solution award in 2021, one of the world's most prestigious awards in this field. With its successes in managing digital transformation projects, finding and integrating technology solutions to address problems in current operational processes, Şişecam received the Alexander Hamilton Digital Transformation award in 2022. Should negotiations conclude in an agreement, Şişecam will make its first investment in technology development at ICRON. This partnership will not only support the growth of the high-potential ICRON firm, but will also enable Şişecam to achieve gains that elevate its operational excellence and optimization approach in current operations to the next level, providing competitive advantage in the sectors in which it operates. Operating since 1992, ICRON's intelligent supply chain decision solutions contribute to global customers operating in different sectors maintaining their operations in an environmentally friendly, efficient and profitable manner. ICRON's algorithm-based, decision-focused software platform supports multiple decision makers, decision processes and scenarios with various problem-solving techniques such as optimization, planning, machine learning and artificial intelligence algorithms. Şişecam and ICRON have been collaborating since 1996 for Şişecam's supply chain-related needs in particular. ICRON was included in the 'Magic Quadrant for Supply Chain Planning Solutions' published last month by Gartner, one of the world's most respected technology research and consulting firms, which lists the top 20 companies globally operating in the supply chain planning field. This indicator, demonstrating that ICRON entered the top 20 companies in this field in 2023, is followed by supply chain decision makers worldwide and is considered one of the most highly respected and globally important references. Source