Turkish glass wool and insulation materials manufacturer Teknik Izolasyon (Tek-Iz) has merged with sector company Izocam, it was reported on 14 October 2005.
Both companies are part of local industri…
Turkish glass wool and insulation materials manufacturer Teknik Izolasyon (Tek-Iz) has merged with sector company Izocam, it was reported on 14 October 2005. Both companies are part of local industrial conglomerate Koc Holding. Through the merger, the company is aiming for more effective utilisation of resources, working capital, cash assets and machinery, Izocam management board chairman Bulent Bulgurlu said. The Tek-Iz brand name will be retained after the merger. Izocam will revise and increase its target for net sales of TRL 200 million (USD 146.25 million/EUR 121.46 million) and exports of USD 30 million (EUR 24.9 million) in 2005. Following the merger, Izocam“s capital was increased to TRL 24.534 million (USD 17.94 million/EUR 14.89 million) from TRL 21 million (USD 15.35 million/EUR 12.75 million)