Kirn, 09 November 2020. SIMONA AG plans to acquire 70 per cent of the ownership interests in MT Plastik AS, Düzce, Turkey. Established in 2007, MT Plastik is Turkey's market leader within the area of PVC foam sheets. The products are used primarily in the field of digital printing, advertising and structural engineering. MT Plastik is a private owned company, employing around 50 people and generating revenue in excess of €11 million. The company exports approx. 60 per cent of its revenue, mainly to Europe. The planned acquisition is to be seen in the context of SIMONA's strategic realignment in Europe and will help to strengthen the Group's market position within the area of PVC foam products.

"The acquisition of MT Plastik is a decisive step forward and illustrates our commitment to the market for digital printing and advertising applications. We want to establish ourselves as Europe's market leader for PVC foam sheets with regard to quality, breadth of product portfolio and market share. In acquiring MT Plastik, we have laid the foundation. The company is highly profitable, in addition to being very well organised and benefiting from lean structures. Furthermore, Turkey as a location and the high share of exports already achieved by MT Plastik give us access to other interesting markets in Europe and the Middle East," says Matthias Schönberg, CEO of SIMONA. “The transaction combines the mature product portfolios of two companies with extensive experience and expertise. Customers will benefit from a greater focus on applications, a stronger market presence based on a dense network of competent distribution partners and improved logistics and services. Even against the backdrop of the current uncertainty brought on by COVID-19, we are confident of the timing of the acquisition. MT Plastik has mastered the crisis well so far and the advertising sector also looks set to emerge quickly from the crisis," says Schönberg.

"We are delighted to have found in SIMONA a strategic partner with a global sales network, excellent market reputation and outstanding technical expertise. The combination of the two companies' product ranges will create synergies from which our customers will also benefit. The existing owners of MT Plastik have committed themselves to the new alliance for the long term and will retain 30 per cent of the interests. Standing for continuity and sustained growth, I will remain as a member of the management team," says Tufan Kalkan, Chairman and majority shareholder of MT Plastik.

Subject to the final approval of the antitrust authorities, the transaction is expected to be closed on 31 December 2020. Both parties have agreed not to disclose further details regarding the transaction.