According to a Turkish press release, Turkish conglomerate Koc, Holding has declared that it has sold 61.1935% of glass fabric producer Izocam Ticaret ve Sanayi AS, valued at $280m.,to French-based Saint Gobain SA and Kuwait's Alamona Industries Co. It has been reported that the company was sold for more than $48.8m. A 50-50 joint venture company will be established with the Alghanim Group, which will initially acquire the Izocam shares, then launch a tender offer on the Istanbul stock exchange for the remaining shares, as required by Turkish law. Alamana industries is a leading industrial group in Kuwait and in the Gulf countries, whose subsidiary Kimmco has been a glass and stone wool Isover licensee for 25 years, Izocaam has been licensee of Isover for over 40 years.
