Korda is one of the leading paper merchants in the Turkish market and is headquartered in Istanbul. It serves more than 2,500 customers in Turkey through its warehouses in Istanbul, Ankara, Izmir and Adana. The turnover in 2012 amounted to 72 million Turkish liras (approximately Euro 30 million).
This transaction is part of Inapa’s 2013-15 strategic plan, further allowing the Group to pursue two of its strategic vectors: growth and diversification.
Korda’s paper distribution business is located in one of the most dynamic markets in the world, Turkey, with one of the fastest growing economies in the region. The Turkish economy is expected to continue to grow and benefit from very significant investment in its economy and in educating its young population. With lower per capita paper consumption in Turkey (lower than 100 kg) as compared to more mature markets (approximately 180 kg), the Turkish market is forecast to experience above average growth.
This transaction will also allow Inapa to further reduce its exposure to mature markets, to improve synergy across its various international locations and to improve consolidated operational results by approximately 5%, without a deterioration of the debt ratios.
The closing of this transaction is dependent on the approval of the Turkish Competition Authority.
Inapa focuses its activities in the paper merchant business in five key markets, Germany, France, Switzerland, Portugal and Spain, and is a leader in the distribution of office paper segment in the Belgian and Luxembourg market.
