Balikesir, Turkey — Turkish adhesives and construction chemicals producer Kalekim is planning to increase capacity for CASE polyurethane products for the building industry following a public offer of shares.
Earlier this year, the company’s owners sold 30% of the company to investors via the Istanbul Stock Exchange, raising TRY 34.5m ($4.1m).
Haluk Alperat, CFO of the company’s parent group Kale Holding, told local news site STEndustri.com.tr that the cash will be used to finance Kalekim’s expansion, including projects to raise its PU production. The company’s PU product range includes IzoPur, a PU waterproofing system, and TechnoPur, a solvent-free PU adhesive.
'Between 60 and 70% of the public offering will be used for domestic [projects], and we will use the remaining 30 to 40% for investments that will expand the company abroad,' Alperat said.
'We have plans to purchase companies or invest in new factories in the fields of adhesives, paints, polyurethane and epoxy products that will be added to our existing product portfolio for the constructions materials sector.'
Alperat did not disclose which foreign markets were targeted by the company, but he said that Kalekim was considering setting up new production facilities in different regions.
Founded in 1957, Kale Group is a multi-industry holding consisting of 20 companies. It employs more than 5000 people.