An agreement has been signed on the sale of Turkish paint manufacturer Betek Boya to Japan’sNippon Paint Holdings Co. , financial services firm Unlu & Co said on Friday.
Betek Boya, well known in Turkey for its “Filli Boya” brand of paint, was expected to see sales of 1.6 billion lira ($303 million) last year. The value of the deal was not disclosed in the statement.
According to Turkish regulatory filings, German firm DAW holds nearly 25 percent of Betek’s shares, while the majority stakeholder is the Akpinar family of Turkey.
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