South Africa’s Metair to buy Turkish battery maker
JOHANNESBURG/ISTANBULSouth Africa’s Metair Investments announced plans yesterday to increase its presence in Europe through the acquisition of the largest lead-acid battery manufacturer in Turkey.
The manufacturer of automotive products said it had reached an agreement to acquire 100 percent of Turkey’s Mutlu Holding, as well as 45 percent of Mutlu Plastik, which will trigger a mandatory offer to minority shareholders.
Metair has major operations in South African cities and Romania.
Mutlu Akü is the leading Turkish manufacturer of automotive batteries for original equipment manufacturers and the aftermarket, with a production capacity of approximately 5.7 million batteries a year. Mutlu Akü posted approximately 420 million Turkish Liras in revenue last year.
Mutlu Akü has the largest battery manufacturing facility in Eastern Europe and the Middle East. The company controls approximately 41 percent of the battery replacement market and constitutes approximately 57 percent of the original equipment market in Turkey.
The company is also a leading exporter of starter batteries to the Russian market, where it has had a presence for more than 30 years.