Koc Holding is the oldest and largest conglomerate in Turkey and one of the 50 largest companies in Europe with about USD36 billion turnover in 2006.
Vaillant Saunier Duval Iberica and Vaillant GmbH are part of the Vaillant Group, one of the world’s market and technology leaders in HVAC.
Koc Holding, the largest conglomerate in Turkey sold its 72.56% stake in the leading Turkish heating and air-conditioning company Turk DemirDokum to Vaillant Saunier Duval Iberica SL and Vaillant GmbH for a consideration of Euro211 million.
The divestment is a planned move by Koc Group and in line with its strategy of restructuring and focusing on core business areas. With the acquisition of the iconic Turkish company DemirDokum, the Vaillant Group expects to further expand its core HVAC business and geographic presence as well as benefit from the dynamic economic development in Eastern Europe. Turkey is the third largest market in Europe with growth supported by the nationwide expansion of gas supply as well as increasing prosperity and industrial and domestic construction. The combined strength of the two companies in Turkey with complementary but different market segments, brands, distribution/service channels and products will provide them with a successful future in a highly competitive market with almost all international players.