Wavin: Acquisition of Pilsa

Wavin N.V., Europe’s leading supplier of plastic pipe systems and solutions, has today completed its acquisition of Pilsa Plastic, a prominent Turkish manufacturer of plastic pipes and fittings. Selling parties are Sabanci Holding and related minority shareholders.
The purchase price of 82 million USD (approximately EUR 56 million) will be funded from existing credit facilities. The 2007 revenue of Pilsa is approximately EUR 85 million. Wavin expects the acquisition to be accretive to earnings per share from the start. It is foreseen that Turkven, a Turkish private equity firm, and the Netherlands Development Finance Company (FMO) will become co-investors, with Wavin maintaining a majority stake of 60%. This is expected to materialise during Q1 2008.

The acquisition of Pilsa provides Wavin with an excellent opportunity to benefit from the positive economic developments in Turkey and surrounding countries. Pilsa is a significant player in its home market and has strong export positions in several Central and Eastern European countries.
The company currently employs 390 people and generates approximately half of its revenue from Civils & Infrastructure business and the other half from Building & Installation business. The company is based in Adana and has been part of the Sabanci Group, Turkey’s leading industrial and financial multi business firm, since 1971.

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