January 28, 2019
The Turkish pension fund OYAK and Miilukangas Oy has agreed on an arrangement, which will enable Miilux Oy to double its steel hardening capacity by constructing a new production plant in Manisa in Turkey during 2019-2020. The production plant will be owned by Miilux Turkey, a new subsidiary of Miilux Oy.
As a part of the arrangement OYAK will also become the majority shareholder in Miilux. The share purchase agreement is conditional upon the approval of the Ministry of Economic Affairs and Employment of Finland.
Pekka Miilukangas, who will continue as managing director of Miilux, states: “This agreement will strengthen our market position on the Turkish market, which is a core market area for us. Miilux will now be an even more significant supplier of special steel and steel service center with its three companies. The growth outlook of the Company is good.”
OYAK representative and new Chairman of the Board of Directors of Miilux, Mr. Toker Özcan comments: “The arrangement accelerates our decision to enter the protection steel markets, where Miilux’s technology and products are well known and highly recognized.”
OYAK (Ordu Yardımlaşma Kurumu) is private pension fund and one of the largest corporations in Turkey. OYAK Group composes of total 89 companies in 19 countries and 32 000 employees. The best-known companies in the group are the car manufacturer Oyak-Renault and the steel conglomerate Erdemir.
Contact our Team Members advising in this transaction:
Translink Corporate Finance Finland, based in Helsinki, is one of the leading M&A boutiques in the Finnish market. Since its foundation more than 15 years ago, their partners completed more than 100 M&A transactions in different industries, worked closely together with a number of business partners and industry players, both locally and internationally. In addition Translink Finland is a Certified Adviser on NASDAQ OMX First North.
Anafina Capital Partners is the member firm of Translink Corporate Finance in Turkey. With its seasoned finance and operational teams, Anafina provides boutique M&A and strategic management consulting services for local and international clients in need of buy-side advisory, sell-side advisory, Turkey entrance strategy, sector analysis and operational & financial due-diligence while running business excellence initiatives in parallel.