Gizemfrit (Akkök Holding) purchases Megacolor and enters the digital decoration segment

Akkök Holding, one of Turkey’s largest chemicals groups with operations extending to the real estate and energy sectors, has purchased Megacolor, a company founded by Luís Sidro in 2002 in Castellón, Spain which produces inks and pigments for digital ceramic tile decoration. The agreement signed last December will enable the Turkish giant (turnover 1.9 billion euros) to establish itself for the first time in the digital technology segment through its Gizemfrit division. Founded in Sakarya in 1979 and part of Akkök Holding since 2015, Gizemfrit is Turkey’s largest producer of ceramic frits and glazes with a 70% share of the country’s output and exports to 60 countries worldwide.

The acquisition of Megacolor for an undisclosed figure (but estimated at around 10 million euros) is a strategic investment for Gizemfrit and Akkök Holding, which have confirmed that Luís Sidro will stay on to ensure management continuity. Thanks to its high degree of technological specialisation and the presence of sales branches in China, Mexico, Iran and Russia, Megacolor has expanded successfully over the years to reach a turnover of around 10 million euros, 50% of which is generated through exports.

As Gizemfrit’s general manager Veysi Küçük explained, the company aims to substitute the Turkish tile industry’s current imports of $25 million of digital inks a year with sales of Megacolor brand products, for which purpose it has announced an investment programme aimed at tripling production capacity.

The Turkish group has set itself the ambitious goals of doubling Gizemfrit’s turnover within 5 years to reach $170 million by 2022 and positioning itself within the next 10 years as one of the world’s top three players in the sector. As well as strengthening the Megacolor brand, Gizemfrit is also considering new investments in the USA, China and Brazil.