Mannok to be aquired by Cimsa – A global building materials provider
- Mannok brand to be retained as major growth hub for Ireland and the UK
- Continued investment planned under existing management
Cimsa, a Turkish listed global building materials company – and a subsidiary of publicly listed global conglomerate Sabanci Holdings [‘Sabanci’ or the ‘Group’] – has reached agreement to acquire 94.7% of Mannok for an overall enterprise value of €330 million. The local Mannok leadership team will retain a 5.3% interest.
Under the agreement, which is subject to customary approvals, the Mannok brand will be retained as a growth hub for Cimsa and Sabanci in Ireland and the UK, and the business will continue to be led by local management. This agreement marks Cimsa’s third major investment in the past three years, following recent investments in Spain and the US, and underpins its ambition to become a scale player in the UK and Irish markets.
Cimsa, a Turkish listed global building materials company…has reached agreement to acquire 94.7% of Mannok for an overall enterprise value of €330 million. The local Mannok leadership team will retain a 5.3% interest.
Employing approximately 800 staff, Mannok comprises two divisions, Building Products and Packaging, which are focussed on the Island of Ireland and GB markets. Its key activities are the manufacture of cement, concrete, quarry and aggregate products and insulation materials, as well as the manufacture of packaging products, mainly for the food industry.
Cimsa is a subsidiary of Turkish listed Sabanci, a global conglomerate which employs over 60,000 people in 14 countries across 5 continents. Sabanci is engaged in a wide range of business activities including: cement and building materials, energy and climate technologies, industrials, banking and financial services, retail and digital sectors. In 2023, Sabancı delivered combined revenue of €31.5 billion and consolidated net income of €600 million. In 2022, Sabancı Group committed to a US $5 billion investment in sustainability by 2027.
Source: https://www.mannokholdings.com/mannok-to-be-aquired-by-cimsa/
Troy Moscato is a Scottish author, poet, and former journalist based in Edinburgh. He has published two collections of poetry inspired by the natural landscapes of Scotland. Previously, he worked as a freelance journalist for local publications and spent a few years as a writer-in-residence, conducting workshops on creative writing.
