U.S. Company Acquires Turkish Chemical Giant

Veser Kimya, one of the chemical industry's leading players, has been acquired by US-based Vinmar International. Houston-headquartered global chemicals and plastics company Vinmar purchased 90 percent of Turkish company Veser. The acquisition of Veser, a supplier to world-renowned chemical companies, by Houston-based Vinmar has emerged as one of the most significant acquisition operations conducted by a US firm this year.

Left PTT, Entered Chemicals

Veser Kimya, founded in 1988 by Ali Kırca, a PTT employee, maintains a product portfolio spanning numerous sectors from pharmaceuticals to cosmetics, from mineral oils to detergents. The company, founded by Ali Kırca who passed away last year, operates four warehouses covering 10,000 square meters in İzmir and Adana in addition to Istanbul. The company, which opened its first branch in Bursa 29 years ago, served as distributor for giants such as Henkel, Givaudan, Croda, Huntsman, and BASF. Currently, the company manages the Turkey distribution for 22 chemical companies.

130 Employees, TRY 200 Million in Revenue

Veser, with 130 employees, set its 2017 revenue target at TRY 200 million. Vinmar, the acquirer of the Turkish company, was founded in 1978. The firm, with offices in 34 different countries, operates with more than 100 countries. The company's annual sales exceed USD 5 billion, and its founder is Vijay Goradia. Billionaire Goradia, of Indian origin, has an interesting life story. In the early 1970s, Goradia fled India first to Afghanistan, then to Iran, entering the business through purchasing plastic products from an Indian entrepreneur. With a net worth of USD 1.5 billion, Goradia focuses on education through the foundation he established rather than opening religious centers or places of worship, supporting teacher training and school construction. The Indian-origin businessman visits schools in India every year.