Turkish building materials firm Cimsa acquires Mannok
Mannok operation EPS Insulation is in Rathcronan, Granard
Mannok, the building materials and packaging group, has been bought up by Cimsa, a Turkish listed global building materials company. Cimsa have purchased a 94.7% stake in the Fermanagh headquarters business once owned by Sean Quinn.
The purchase values Mannok's overall enterprise at €330 million. Under the deal the local Mannok leadership team will retain a 5.3% interest.
Mannok is an industry leader, with over 830 employees and almost 50 years of manufacturing history. They operate Mannok's EPS Insulation in Rathcronan, Granard.
Sabanci Building Solutions is a subsidiary of Cimsa, is part of the Istanbul-headquartered Sabanci Group.
The Mannok brand will be retained. Commenting, Adrian Barden, Chairman, Mannok said: “Cimsa and the broader Sabanci group are a superb fit for Mannok as new long term, strategic owners with excellent sustainability credentials and know-how.
“The Group is steeped in cement manufacture and building products and, as a diverse conglomerate, it also has interests in retail and food, important sectors for our packaging business. We are very pleased that Sabanci has endorsed the Mannok brand and has agreed to back local management’s plans to accelerate our sustainability and growth ambitions.”