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The deal, which is subject to regulatory approvals, will see Mitsui acquiring the asset through both a third-party new share allotment by Sarten and shares purchase from existing shareholders, the Japanese company said last week.

With a gross domestic product (GDP) growth potential of 3-5% fueled by a growing population and a “strong consumption activity”, Turkey was identified as a priority country in Mitsui’s new medium-term management plan.

“Because of the characteristics of packaging products, an upward trend in demand is expected in view of factors including population growth, lifestyle changes, and the growing presence of women in the workforce,” Mitsui said.

Sarten manufactures steel cans and plastic containers mainly for foodstuffs and household goods. With 13 plants in Turkey and one facility in Russia, it supplies products to around 1,500 customers in Turkey and neighbouring countries, such as those in the Middle East and North Africa.

Mitsui said it plans to help the Turkish company to identify new customers, optimize logistics and introduce cutting-edge packaging technologies.

“We will also create new business opportunities by helping Sarten to diversify its product range to meet the needs of customers in a wide range of industries,” it added.