ISTANBUL - Kuwaiti "Alamana Industries Co. S.A.K." and French "Saint Gobain Isover" will buy Turkish "Izocam" insulation firm, a statement by the purchaser firms said.
According to the statement sent to the Istanbul Stock Exchange (IMKB), the Kuwaiti-French partners will purchase 61,1935 percent of Izocam stake from Koc Holding in return for 171.3 million USD.
The buyers are expected to pay this amount in cash to the Koc Holding at the end of today's IMKB session.
Izocam was established in 1965 to meet the insulation demand of the Turkish market and belongs to the Koc Group. It offers a wide product range, and provides high quality insulation materials for buildings and industrial facilities against heat, cold, sound, fire and water proofing.