Turkish Daily News
April 3, 2008

Frigoglass to buy 86 pct stake in Turkish SFA


ATHENS – Bloomberg


Frigoglass SA, a Greek supplier of custom-made beverage coolers, will buy a controlling stake in SFA Soğutma to expand its sales in the Middle East and Asia.
              According to a statement from the company, e-mailed yesterday, the Athens-based company will buy up to 86 percent of SFA Soğutma for 50 million euros ($78 million). The acquisition price excludes costs, but includes debt.
    SFA, based in Istanbul, produces refrigeration equipment for brewers, dairies and juice makers. The acquisition will add a factory in Turkey that will act as a base for Frigoglass's drive into central Asian and the Near East markets, Chief Executive Petros Diamantides said in the statement.
    Frigoglass, which produces coolers for clients including The Coca-Cola Company, the world's largest soft-drink maker, and brewers such as Baltic Beverages Holding AB, is seeking to expand into emerging markets, such as Turkey and Asia, where economic growth is set to spur consumption of soft drinks and alcoholic beverages.
    SFA will report sales of about 50 million euros this year and boost per-share earnings at Frigoglass in the first full year of consolidation, according to the statement. In February, Frigoglass forecast sales this year to grow as much as 8 percent and earnings per share to increase between 10 and 12 percent. The acquisition is subject to regulatory approval.

Turkish Daily News