Sisecam Group Vice President and CEO Prof. Ahmet Kirman
A global player in the glass industry, Sisecam Group is reinforcing its position in the Indian market thanks to the acquisition of a further 49.8% stake in HNG Float Glass Limited (HNGFL), its flat glass manufacturer affiliate in India.
As one of world’s leading manufacturers in all main glass sectors, including flat glass, glassware, glass packaging, and glass fiber as well as in business areas that include soda and chromium compounds, Sisecam Group is strengthening its position in the Indian market. A Group company operating in the flat glass sector, Trakya Cam Sanayii A.S. has acquired a further 49.8% stake in its flat glass manufacturer affiliate, HNG Float Glass Limited (HNGFL) for USD 85.4 million. Sisecam Group, which has been in a 50-50 partnership since 2013, now owns 99.80% of the company shares with this recent buy-out.
Sisecam Group Vice President and CEO Prof. Ahmet Kirman, said “In order to reach our global strategic goals, we continue to seize high potential investment opportunities in line with our investment policy based on sustainable growth and high performance. The buy-out we have just completed in India is also a result of our long-term and value-creating sustainable growth approach and our work in this scope. India is one of the world’s most promising markets in terms of growth potential; it has considerable potential in terms of glass demand that is rising together with increasing welfare. Having acquired the controlling stake and becoming the main shareholder of the HNGFL will enhance the Sisecam Group’s value creation potential. This transaction will significantly increase our flexibility to pursue strategic initiatives and to benefit from the strong prospects offered by the Indian market.”
Emphasizing the production activities of Sisecam Group in 13 countries, Ahmet Kirman added that, “Today, India is the fastest growing automotive glass market in the world. In terms of the interaction of the construction sector with the flat glass market, it is considered that changes in user trends, as well as growth, will have a significant effect on the market. In particular, with the popularity of double-glazing units, and an increasing interest in insulated glass units, we estimate an annual increase of 7% in architectural glass demand in the period of 2017-2023. Our production operations of flat glass and mirror are continuing in India with a capacity of 600 tons/day at the HNGFL facility and we will continue our investments in line with the growth potential.”
Today Sisecam, the world’s leading supplier of chromium compounds and the 10th largest soda ash producer in the world, is the 3rd largest glassware, the 5th largest glass packaging and flat glass manufacturer globally.
The Group, which has 43 production facilities in total, has manufacturing activities in Turkey, Germany, Italy, Bulgaria, Romania, Slovakia, Hungary, Bosnia-Herzegovina, the Russian Federation, Georgia, Ukraine, Egypt and India. With its more than 80 years of experience, nearly 22,000 employees, production in 13 countries, and sales in more than 150 countries, Sisecam is a group at international scale and continues on its journey to become one of top three global producers in its all-main business fields.