PURCHASE, New York, August 16, 2011 /PRNewswire/ --
Continuing the strategic expansion of its business in Turkey, Central National-Gottesman Inc. (CNG) today announced that its European subsidiary, Central National-Gottesman Europe GmbH, has acquired an 80% ownership interest in Tradera S. A., a leading supplier of wood pulp and packaging materials to the Turkish and Greek markets.
The company will operate as "Central National Dis Ticaret A.S." and will eventually change its name to "Central National Turkey," subject to the provisions of Turkish law. As part of the agreement, Central National Europe has the option to purchase the company's remaining shares at a later date.
"Founded by Mr. Osman Tokat, Tradera has become one of the most respected suppliers of wood pulp and corrugating materials in Turkey," said Ken Wallach, Chairman and Chief Executive of Central National-Gottesman Inc. "We are pleased that Osman Tokat, who has been our long time sales agent, will continue to lead Central National Turkey as its Managing Director, and we are delighted to welcome him and his excellent team of sales and support professionals into the Central National organization.
"This acquisition represents an exciting opportunity to expand our business with leading paper mills, merchants, newspapers, and corrugators in Turkey-one of the fastest-growing markets in the region and a core part of our European activities.
"The Tradera transaction follows Central National Europe's early 2011 acquisition of a controlling interest in Korda Kagit Pazarlama ve Ticaret A.S., one of Turkey's leading paper merchants. It demonstrates CNG's commitment to growing a strong pulp, paper, and paperboard sales platform in Turkey and the surrounding area and reflects CNG's strategy to expand its sales activities, both organically and through acquisition, in growing markets around the world."
Founded in 1886 and headquartered in Purchase, New York, Central National-Gottesman Inc. is a leading international marketer of pulp and paper. The company has sales offices in 26 U.S. cities and 22 countries worldwide, including eight in Europe. CNG operates several divisions, including Central National, a global provider of pulp, paper, and packaging, and Lindenmeyr, the largest independent paper merchant in the United States. CNG is committed to environmental sustainability and holds certifications from FSC, SFI, and PEFC. The company's sales of pulp and paper exceed $3.7 billion annually. To learn more, please visit http://www.cng-inc.com.
SOURCE Central National-Gottesman Inc.