Builders Merchants Journal – BMJ Publishing to Builders Merchants and the UK merchanting industry for more than 95 years
Cimsa, a Turkish listed global building materials company – subsidiary of global conglomerate Sabanci Holdings is buying 94.7% of Ireland-based building materials group Mannok for an overall enterprise value of €330 million. The local Mannok leadership team will retain a 5.3% interest.
The agreement, still subject to customary approvals, will see the Mannok brand 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.
Employing around 800 staff, Mannok comprises two divisions, Building Products and Packaging, 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.
