Schoenherr has advised Austria's Greiner Packaging International GmbH on its acquisition of TGM1, thereby assuming ownership of all shares in Teknik Plastik Greiner Ambalaj Sanayi Ve Ticaret Anonim Sirketi, a prominent Turkish packaging and labelling company. Closing took place on August 23, 2017.
Greiner acquired 51% ownership in Teknik Plastik Greiner Ambalaj in 2015. TGM1 owns the remaining 49%.
According to Schoenherr, "as a consequence of this acquisition, Greiner is now the market leader in Turkey in the rigid plastic packaging sector for dairy products. The complete takeover of the Turkish dairy product packaging company strengthens the plastics experts’ involvement in the Middle East and in Northern Africa. Greiner is one of Europe’s leading plastic packaging manufacturers in the food and non-food sector."
"We were pleased to support one of the leading packaging companies in the world in reinforcing their involvement in Turkey," commented Schoenherr Istanbul Attorney Burke Serbetci, who led the project. "Owing to this transaction, Greiner is set to benefit from its fortified engagement in Turkey, as a gateway to other regions."
The Schoenherr team consisted of Serbetci and Attorneys Murat Kutlug, Busra Ozden, and Alara Baki.