Korozo Ambalaj flexible packaging to expand internationally

Korozo Ambalaj makes flexible packaging for confectionery and bakery among others. Picture: Korozo Ambalaj.

EBRD (the European Bank for Reconstruction and Development) and Esas Holding venture capital firm have acquired a majority stake in Korozo Ambalaj, in Turkey.

The company which has nine plants across Turkey makes flexible packaging for ice cream, confectionery, snacks, chips, bread and coffee, among others and was founded in Istanbul in 1973 by brothers Liya and Refael Duvenyaz.

80 countries worldwide

Jean Marc Peterschmitt, MD, Industry, Commerce and Agribusiness, EBRD, said Korozo has grown to become a major manufacturer of flexible packaging in Europe and the largest in Turkey.

More than half of Korozo’s production is exported to 80 countries worldwide and it plans to expand the company into more international markets.

Korozo is a great example of an ambitious Turkish firm which has started as a family business and grown into a truly international player,” he said.

We are proud to become shareholders and support the company in its next phase of development as it seeks to become one of Europe’s leading producers of flexible packaging.”

The company is currently building a state-of-the-art facility in Çorlu, Tekirdağ province, in the northern Marmara region, to expand production and boost exports.

'Big step forward'

Jeki Mizrahi, CEO, Korozo, said the partnership is a big step forward that will accelerate Korozo’s growth and investments.

We will continue to contribute to the Turkish economy, drive market growth and add value for all our business partners,” he added.

EBRD’s equity investment comes with a $1m loan provided by the Clean Technology Fund (CTF) to help the company minimise waste and become more environmentally friendly.

It is part of EBRD’s Near-Zone Waste program in Turkey which, with support from the CTF and EU.

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