Sabancı to sell entire stake in wool maker Yünsa

Sabancı to sell entire stake in wool maker Yünsa

Sabancı to sell entire stake in wool maker Yünsa

Sabancı Holding, one of Turkey’s largest conglomerates, has announced that it decided to divest its stake in its wool maker unit Yünsa Yünlü Sanayi.

“At the meeting of our board of directors held on Aug. 23, it was resolved to sell all of the share of our subsidiary Yünsa in our portfolio with a nominal value of 16.9 million Turkish Liras,” the holding company said in a filing with Borsa Istanbul.

The statement made by Sabancı added that the board of directors also decided to authorize Chief Executive Officer Cenk Alper and the holding’s cement producer group’s president, Tamer Saka, together to sign share purchase, sale agreements and other necessary documents with the price and conditions they wish, while performing all kinds of necessary operations for that transfer on behalf of Sabancı Holding.

Sabancı Holding’s stake in Yünsa is 57.88 percent.

Founded in 1973, Yünsa is the largest integrated high-segment worsted wool fabric manufacturer in Europe and one of the five biggest in the world.

The company went public back in 1990.

Yünsa started producing men’s worsted fabrics in 1973 and later added women’s fabric to its portfolio in 1998, according to information on the company’s website.

Yünsa primarily manufactures 100 percent worsted fabric, as well as worsted fabric blended with cashmere, lycra, viscose, cotton and linen.

In addition to 4,500 tons of worsted yarn, Yünsa produces and uses its own yarn that has 12.5 million meters of worsted capacity per year.

Yünsa has customers in more than 50 different countries, with Germany as the company’s biggest market.

The company is the leading fabric supplier to some of the world’s major brands.