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Trakya Cam announced that the company signed an MoU for taking a 100% stake in Fritz Holding GmBH to enter the German auto glass market. Fritz Holding GmBH operates with four plants (two in Germany, one in Hungary and one in Slovakia) in the glass coating industry and provides its products to important auto producers such as Audi, VW, Mercedes, BMW, Opel and Citroen. According to the company's website, Fritz Holding GmBH has EUR 140mn in annual revenue.
Although there are no financial details regarding the agreement, we regard the news as positive in terms of market diversification. Trakya Cam has operations in Turkey, Bulgaria, Russia and Egypt and plans to enter the Indian market; hence, we view its entering the German auto market as positive for the company's long-term prospects. On the other hand, the company's heaviest investments will take place in 2013 and Trakya Cam plans to spend USD 400mn on CAPEX in 2013. This possible acquisition may also put extra pressure on free cash flow.
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Povezane vesti na srpskom
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