French company Imerys has signed an agreement to acquire a majority stake in Turkish refractories manufacturer Haznedar Group, according to a statement issued on Tuesday.

“Imerys has signed an agreement for the acquisition of a majority stake of 60%, with options to purchase the remainder, of the Haznedar group, a Turkish-based high-grade monolithic refractories and refractory bricks manufacturer, serving iron and steel, cement and petrochemical segments,” read a statement by the French multinational.

“This business generated $64 million in revenue (of which 40% from exports) and $17 million in EBITDA in 2019,” it said.

The term EBITDA refers to a company’s earnings before interest, taxes, depreciation, and amortization added back.

Imerys aims to strengthen its position within the attractive and growing Turkish market, strategically located between Europe, the Middle East, and Africa, the statement added.

“The closing of this transaction, which is subject to antitrust approvals, is expected in the fourth quarter of 2020,” the statement said.

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