ISTANBUL - Turkish Koc Group will sell its shares (a total of 72.56 percent) to Vaillant, said company sources on Monday.
According to a written press release issued by Koc, the company signed a contract selling its shares to German Vaillant Group for 291 million Euros.
Demirdokum is a leader in the heating sector in Turkey for over 50 years. Demirdokum`s revenues in 2006 reached 420 million Euros. The company manufactures thermosyphons, gas and electrical water heaters and radiators.
Since 2004, Demirdokum exports its products to Britain, Germany, Italy, the Middle East and North African countries.
Demirdokum made investments to develop devices that work with solar energy.
On the other hand, Vaillant has an annual sales volume of two billion Euros. Vaillant has manufacturing plants in 14 countries. It has been active in the Turkish market for the past two decades. Vaillant employs around 10,100 people globally.
"Once the shares are transferred to Vaillant, an application will be filed with the Competition Board of Turkey," said Koc group.