ST. PAUL, MN - H.B. Fuller Co. has strengthened its foothold in Turkey by signing a definitive agreement to enter into a joint venture with Burak Özberk, its longstanding agent there. A new entity will be created, with H.B. Fuller owning majority control.
“This agreement is a continuation of our commitment to invest in geographies that offer strong growth potential,” said Jim Owens, H.B. Fuller President and Chief Executive Officer. “Our collaboration with Mr. Özberk and his team over a period of nearly 10 years has created a solid market position in Turkey, and through this joint venture H.B. Fuller will further enhance customer support and deepen relationships in that region. This fits with our overall strategy to build on our success around the globe and expand our footprint in key market segments through strategic investments.”
Through this new local entity, H.B. Fuller will better support customers and further solidify its presence in this important and emerging market. The new company will provide a base for developing an even stronger local commercial team, local logistics support and the potential for local manufacturing in the future.
The results of the newly created entity will be reported in the company’s Europe, India, Middle East and Africa (EIMEA) segment. H.B. Fuller expects the new entity to be fully operational within the next six months.