Central National-Gottesman Inc. (CNG) today announced that its European subsidiary, Central National-Gottesman Europe GmbH, has acquired a 78% ownership interest in Korda Kagit Pazarlama ve Ticaret A.S. ("Korda"), one of Turkey's leading paper merchants.
Korda was founded in 1996 and is now one of the largest distributors of printing papers and packaging grades to the Turkish market. The company is headquartered in Istanbul, where it maintains a 10,500 sq meter (113,000 sq ft) warehouse and administrative offices. Korda also operates three additional regional warehouses, with locations in Ankara, Izmir and Adana. The other 22% of Korda will remain with Korab International Holding S.A. ("Korab International").
"Central National has had a substantial and successful business relationship with Korda and Korab International for more than a decade," said Ken Wallach, Chairman and Chief Executive of Central National-Gottesman Inc. "Korda has excellent management and a fine sales and support team, which has enabled the company to expand its operations while building a superb reputation for quality and service. We look forward to working closely with Korab International and the current management of Korda to support and grow Korda's position in the Turkish market. This acquisition reflects Central National's long-term strategy to expand its sales activities in strong and growing markets around the world."