Mannok sold to Turkish company for €330m

Mannok, the building and packaging company based in Ballyconnell has been bought by Turkish company, Cimsa in a deal worth €330m.

Cimsa, is a subsidiary of the publicly-listed global conglomerate Sabanci Holdings. In a statement, the company says it has acquired 94.7 per cent of Mannok with the Mannok leadership team retaining a 5.3 per cent interest.

Under the agreement, which is subject to customary approvals, the Mannok brand will be retained and the business will continue to be led by local management.

Mannok Chief Executive, Dara O'Reilly, called the deal "the right move" for Mannok at this time.