A Sabancı Holding subsidiary, and one of Turkey’s and Europe’s largest wool fabric manufacturer Yünsa was sold to Sürmegöz Tekstil. In a statement to Borsa İstanbul, the sale price of the entire 57,88% stake held by Sabancı was stated as TL 70 million. Sabancı Holding, which recently sold 41% of their shares in Temsa İş Makinaları to their partner Japanese Marubeni, continued this process with the sale of Yünsa.
After the Company announced the announcement of the sale of Yunsa to the Public Disclosure Platform (KAP) on 26 August, the Company informed the Stock Exchange that the sale took place on 27 August. In the statement made by Sabancı Holding to the stock exchange regarding the sale of Yünsa, it was stated that;
“Share transfer agreement regarding the sale of all our shares representing the 57,88% of partnership capital at one of our subsidiaries Yünsa Yünlü Sanayi ve Ticaret A.Ş. with a nominal value of 16.878.507,00 TL to Sürmegöz Tekstil Yatırım A.Ş. was signed on August 27, 2019.
According to the share transfer agreement, the transfer price of the 57.88% shares owned by our Company in Yünsa Yünlü Sanayi ve Ticaret A.Ş. is 69.458.876.54 TL. The share transfer price has been determined by bargaining method. The transfer of the shares shall be carried out after permissions are obtained from the relevant authorities. There is no direct or indirect relationship between us and the receiving company in terms of audit and capital.”
First Bossa, now Yünsa, Kordsa continues on
In the past, textile was an important business line within Sabancı Holding. Bossa was established in 1955 for different segments in the textile industry, Yünsa in 1973 and Kordsa in the same year. Sabancı Holding, which sold Bossa in 2008, continues its journey in the textile industry with Kordsa, which specializes in technical textiles, following the sale of Yünsa.
Established in 1973, Yünsa is Europe’s largest integrated manufacturer of wool fabrics; and one of the five largest top-segment wool fabric manufacturers in the world. Yünsa started off with the production of woolen woven fabrics for men’s clothing; and added women’s clothing to their product portfolio in 1998. Yünsa, which produces their own yarn in their integrated facility; dominates that segment with their 12,5 million meter fabric weaving capacity; as well as its worsted yarn capacity of 4,500 tons per year.
Presenting their products to more than 400 customers globally; Yünsa doubled their net profit in 2018 and generated 28 million TL. In the first half of 2019, the company achieved 32% growth in turnover; and 69% of this turnover came from exports. Accounted for 70% of Turkey’s woolen textile exports alone, Yünsa owns 5% of the total fabric market the world. Having offices in Germany, Italy and the UK, Yünsa continues to work with agents in; Spain, France, the Czech Republic, Serbia, Canada, Russia, Japan, Korea, Slovakia and Italy.