Beiersdorf AG announced that, effective January 1, 2013, it will acquire the remaining 50% equity in the EBC Eczacibaşi-Beiersdorf Kozmetik Ürünler Sanayi ve Ticaret A.Ş., a Turkish affiliate for Beiersdorf headquartered in Istanbul. To date, Eczacibaşi Holding A.Ş. and Beiersdorf AG have each held a 50% stake in this company.
The acquisition is subject to approval by the relevant Federal Trade Commission, and accordingly, Beiersdorf and Eczacibaşi will continue their collaboration in defined areas of business in Turkey.
“Turkey already is an important market for Beiersdorf and will gain even more importance in the future. We express our gratitude to our long-standing partner [Eczacibaşi Holding A.Ş.] for the successful cooperation over the past 20 years. It is through this shared commitment that we have been able to grow our brands—above all, Nivea—and achieve leading market positions,” commented Stefan F. Heidenreich, CEO of Beiersdorf AG, on the acquisition news.