Liepaja, Latvia —Turkish systems house Kimteks Poliuretan has acquired a majority stake in Latvian PU systems house.
It has secured 75% of the shares in Adamantan, gaining access to an additional manufacturing capacity of 25,kT/year, according to the information obtained by local business daily Dunya.
Kimteks Poliuretan CEO Cavidan Karaca said the Latvia-based manufacturing activities will focus mainly on Southern and Eastern European markets.
Based in Liepaja on Latvia's Baltic shore, Adamantan specialises in PU systems for elastomeric and rigid foam applications.
The company says it is the first PU sandwich panel system producer in the Baltic states. Its product portfolio includes elastic and spray foam systems, among others, according to data from the manufacturer.
The value of the investment was not disclosed.
The Turkish manufacturer first announced its plans to secure control over a European PU plant in late 2021. At the same time, the company said it was investing in a new PU factory in Duzce, in Turkey’s north-west.