Turkish glass wool and insulation materials manufacturer Izocam will absorb sector company Tek-Iz Izolasyon ve Yapi Elemanlari, it was reported on 15 June 2005.
Izocam will take over all the assets a…
Turkish glass wool and insulation materials manufacturer Izocam will absorb sector company Tek-Iz Izolasyon ve Yapi Elemanlari, it was reported on 15 June 2005. Izocam will take over all the assets and liabilities of Tek-Iz and the merger will be based on the December 2004 balance sheets. The merger is subject to approval by Izocam and Tek-Iz extraordinary shareholders“ meetings scheduled for 24 June 2005. Following the merger, Izocam“s capital will increase to TRL 24.534 million (USD 17.759 million/EUR 14.744 million ) from TRL 21 million (USD 15.2 million/EUR 12.62 million). Izocam posted a net profit of TRL 12.166 million (USD 8.8 million/EUR 7.3 million) for 2004, up from TRL 11.746 million (USD 8.5 million/EUR 7.1 million) for the previous year, it was reported on 9 March 2005. The company, part of Turkish industrial conglomerate Koc Holding, has production facilities in Gebze, Tarsus, Beylikduzu, Bolu and Eskisehir.