Turkish glassware and chemicals group Turkiye Sise ve Cam Fabrikalari (Sisecam) is to merge two of its subsidiaries, flat glass manufacturer Trakya Cam and logistics company Camis Lojistik, the compan…
Turkish glassware and chemicals group Turkiye Sise ve Cam Fabrikalari (Sisecam) is to merge two of its subsidiaries, flat glass manufacturer Trakya Cam and logistics company Camis Lojistik, the company said on 6 February 2007. Camis Lojistik“s sales and marketing operations will come under Trakya Cam, which is also the main client of the logistics firm. “The merger will generate cost advantages”, Trakya Cam finance director Mufit Ozkara said, adding that the companies are still to decide how the merger will be carried out. Camis Lojistik shares gained 16.4% on the Istanbul Stock Exchange on 5 February 2007, following the merger announcement and valuing the company at TRL 25.7 million Turkish (USD 18.4 million/EUR 14.2 million). Sisecam group comprises 33 companies, operating mainly in the glass-making and chemical industries, in Turkey, Bulgaria, the Netherlands, Russia, Georgia, Egypt and the UK.