Deceuninck, the global manufacturer of PVC-U and composite window and door systems, has acquired the Turkish PVC-U window profile producer, Pimaş.
Described by Deceuninck as ‘the pioneer of PVC-U windows in Turkey’, Pimaş operates under the brand ‘Pimapen’ and is distributed through a network of 1,200 outlets throughout Turkey, with a major focus on the Istanbul and Ankara areas.
With production near Istanbul, Turkey and in Rostov-on-Don in Russia, Pimaş has annual sales of €60 million and employs 484 people. The acquisition is subject to clearance by competition authorities in Turkey and Russia.
With existing brands ‘Egepen/Deceuninck’ and ‘Winsa’, Deceuninck now has the top three premium PVC-U window brands in Turkey. Deceuninck will now have three factories in Turkey: one near Izmir for Egepen-Deceuninck (which will be replaced by a new factory with a significant increase in capacity), and two near Istanbul (Winsa and Pimapen).
The Turkish PVC-U window market is said to be three times the size of Germany and France.
Tom Debusschere, Deceuninck CEO, commented: “Today we announced the acquisition of Pimaş, the ground-breaking window systems company in Turkey, with operations in Russia.
“Since Deceuninck entered Turkey, our sales and profits have grown steadily in this exciting and dynamic market.
“The acquisition of Pimaş, with its pioneering brand ‘Pimapen’, the most recognised name for windows in Turkey, is a great opportunity for Deceuninck. It makes Deceuninck the number one brand in Europe’s second largest PVC-U window market and adds perfectly to our business in Russia, Europe’s largest PVC-U window market.
“Since opening the first Deceuninck factory in the Moscow area 10 years ago, we have grown steadily and increased our market share with high insulating window systems. We are now adding ‘Enwin’ as a complementary window brand to our product range, and acquiring a modern, low cost production facility in South Russia. This will further strengthen our position in this highly competitive market, which has significant growth potential in new construction and renovation.”
,Deceuninck has raised €50 million of new shares to finance this growth strategy. Part of the additional finance is being used for the acquisition of Pimaş, and to grow Deceuninck’s business in continental Europe, a mature market, by maintaining margins through innovative high value products and investing in factories to increase productivity.
The other strand of Deceuninck’s growth strategy is to increase capacity and productivity in the UK, USA, Turkey and emerging markets. Deceuninck has reinforced its commitment to the UK by re-opening an existing warehouse to hold higher stock levels and improve lead times.