DIC Completes Sale of Almatis to OYAK
The completion of this sale follows receipt of all relevant regulatory approvals. Previously part of Alcoa, Almatis was majority owned by Dubai International Capital LLC (DIC) from 2007 until August 2015. Taco Gerbranda, Chief Executive Officer of Almatis, said: “We are grateful to DIC for their support and the strong partnership that we formed during their ownership period. This partnership was critical in allowing us to undertake very ambitious strategic steps that ensured the longer term stability of our company by extending our global presence, increasing capacity and becoming vertically integrated, with the single objective to better serve our customers. Today marks the start of a new chapter for Almatis, with an owner who has expertise in our sector. This transaction positions Almatis very well to support the growth of our customers, grow with them and at the same time strengthen our leadership in the premium alumina industry. With its strong understanding of Almatis’ customer needs, the market opportunities and challenges, OYAK is well placed to foster Almatis’ continuous development, pursuing its long-term strategy.” David Smoot, Chief Executive Officer of Dubai International Capital, commented: “We are extremely pleased with the outcome of the sale of Almatis. During our ownership, our close collaboration with the management team and investment in the business allowed Almatis to achieve significant growth and improvements in its operations. Almatis has an extremely attractive growth potential and OYAK is the right partner to support it in the next phase of its development.” OYAK is the first and largest private supplementary pension fund in Turkey and a leading holding group with strategic investments in profitable and growth sectors. OYAK has 290 000 members and a workforce of approximately 28 000 employees. Through the ownership of Erdemir, OYAK is the largest steel producer in terms of capacity in Turkey and 3rd largest in Europe. OYAK is one of the largest players in construction materials in Turkey and leads the market in the cement and concrete sector. Through its partnership with Renault since 1970s, OYAK is producing, exporting and distributing Renault vehicles in Turkey and has the largest market share of domestic passenger vehicle sales. Through its partnership with German energy group Steag, OYAK is producing 5 % of Turkish electricity demand. Through ownership of Chemson Group and Akdeniz Kimya, OYAK is the global leader in the PVC stabilizer industry. In addition, there are several other subsidiaries in various key sectors including logistics, mining, agricultural chemicals, food processing and technology.