Toyo Ink Group has signed a share purchase agreement with Yaşar Holding Anonim Şirketi to acquire 75 percent of the outstanding shares of the Turkey-based ink company DYO Matbaa Mürekkepleri Sanayi ve Ticaret Anonim Şirketi (DYO Printing Inks), a subsidiary of Yasar.
DYO Printing Inks is Turkey’s largest domestic ink manufacturer of gravure inks, flexo inks, offset inks and can coatings.
Toyo Ink Group is focused on expanding its offering of inks and coatings for the packaging market, including materials for food packages. It has aggressively been accelerating global expansion through activities to expand its sales and profits in China and Southeast Asia, and by setting up new manufacturing plants in developing countries such as India and Brazil.
As a critical next step toward growth, Toyo Ink has made it a priority task to build a business base and expand its businesses in the Middle East and North Africa, Central Asia and in Eastern Europe, as well as strengthen its activities in the European region. The company said Europe is at the forefront of environmental technology and regulatory governance for industry, such as the food industry.
As part of its growth strategy, Toyo Ink has been focusing on Turkey as a platform for building a business hub and established a liaison office in 2014 and a sales company in January 2015 while moving forward with marketing efforts in the country. Under such a business environment, the company concluded that local production is essential to establishing an operating foothold in the area, resulting in the decision to acquire a local company.
Following the acquisition, DYO Printing Inks will become a consolidated subsidiary of Toyo Ink Group, which plans to increase both sales and profitability, and expand the product portfolio of DYO Printing Inks’ existing line of inks and coatings, based on its technical and global quality standards. In addition, Toyo Ink will develop new products to meet the needs of the region while enhancing operational efficiency through process improvements.
With the aim of achieving top market share and brand recognition in Turkey and its neighboring countries, Toyo Ink then plans to accelerate sales by strengthening its sales network in the priority areas of MENA, Central Asia and Eastern Europe. Moreover, it intends to reinforce marketing and sales activities to include products of the group and promote such products through existing distribution channels established in the country by DYO Printing Inks.
In the mid- to long-term, Toyo Ink intends to diversify its operations in Turkey by manufacturing and selling a wide range of group products together with existing ones of DYO Printing Inks, thus enabling it to develop in a single location a strong brand that uses the comprehensive strengths of the Toyo Ink Group, it is claimed.