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Turkey's Boydak buying furniture factories of Poland's Forte in Ukraine
30 December 2010
Poland's Fabryk mebli "Forte" S.A. has signed a letter of intent with Turkey's Boydak Foreign Trade Co. on the sale of a 100% stake in furniture factories Forte Ukraine furniture factory (Artemivsk, Donetsk region) and Forte Rus Ltd. (Vladimir, Russia).

According to a report of Forte, the deal would be finalized in late February 2011 after the receiving of the required permits from antitrust agencies.

The report says that the final conditions of the deal, including its value, are being agreed. The letter of intent foresees cooperation between the sides in supplies of Polish products and half-finished products.

Forte said that as of late November 2010 the value of the two factories was PLN 49.593 million (around $16.32 million). The Polish company said that the sale of the factories in Ukraine and Russia would improve its consolidated balance sheet.

As reported, the Antimonopoly Committee of Ukraine permitted Boydak Dis Ticaret Anonim Sirketi, part of Boydak Holding (both based in Turkey), to buy a controlling stake in Forte Ukraine furniture factory (Artemivsk).

Forte Ukraine furniture factory Ltd. was established in 2011. In February 2002, the company started producing furniture. Currently the factory produces over 300 types of furniture. The factory receives timber from Lviv, Ivano-Frankivsk and Kharkiv regions, and auxiliary materials (glass, mirrors, packages, etc.) are supplied from companies in Donetsk region.

The net profit of Forte Ukraine in 2009 came to UAH 2.307 million, while its net loss in 2008 reached UAH 433,000. The company's net income in 2009 halved, to UAH 11.829 million.

Polish Forte founded in 1992 is one of the leading furniture producers and exporters in Poland. The company unites four furniture factories in Poland, one in Russia and one in Ukraine and some trade companies.

Boydak Holding was registered in Turkey in 1957. The company is operating in various economic sectors. In particular, the holding includes several furniture factories. Boydak Holding manages 27 companies in eight economic sectors. The holding is operating in more than 100 countries. Over 11,000 employees, not taking into account employees of the financial department, and 2,000 distributors work at the holding

Source: Interfax-Ukraine

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