ECONOMY

In expansion drive, Frigoglass to buy Turk SFA Cooling

Greece’s Frigoglass, the world’s largest maker of beverage refrigeration equipment, said yesterday it has agreed to buy a majority stake in Turkey’s SFA Cooling as part of its expansion plans. Frigoglass has said it would move into a new geographic region in 2008 to tap rapidly developing markets after expanding into regions such as China, before the 2008 Beijing Olympics, and India. It has agreed to buy up to 86 percent of the Turkish company for 50 million euros ($78.14 million) from its main shareholders. «The production facilities in Turkey provide an excellent base for the promising markets of central Asia and the Near East that we will be pursuing,» Frigoglass Chief Executive Petros Diamantides said in a statement. Istanbul-based SFA is an exporter of supplies for ice-cold merchandisers with a strong presence in the brewery, dairy and juice segments and expects sales of about 50 million euros in 2008, according to Frigoglass. The deal is subject to regulatory approval from Turkish authorities. With operations in 17 countries, Frigoglass holds about 16.8 percent of the 2-billion-euro global cooler market. (Reuters)