Turkish family-owned Bayraktarlar Holding A. S. has acquired Germany-based odelo Group

The Istanbul-based Bayraktarlar Holding announced today that it has acquired 100 percent of the Germany-based automotive lighting supplier odelo. Bayraktarlar has been in the automotive supplier industry since 1979, under its brand Farba. Bayraktarlar Holding is an international trading conglomerate with major activities in Turkey.

With the acquisition of odelo, Bayraktarlar seeks to expand its international business and strengthen its market position in the automotive supplier industry in Europe. "odelo's high quality and innovative product portfolio, its strong technology base and extensive client relations are a perfect match for our exisiting automotive business. We will be working as partners and ensure that this acqusition will create value for our clients worldwide.", says Ahment Bayraktar, Vice President of Bayraktarlar Holding.

Bayraktarlar Holding was founded in 1935 by Mehmet Bayraktar. In 1979, the company entered the automotive supply market, starting as a local automotive supplier. Bayraktarlar has a successful track record in developing a national presence in the automotive lighting business in Turkey. odelo has been in the lighting business since 1935 and underwent a successful restructuring from 2007 to 2009.

"Bayraktarlar Holding is a committed and strong partner who will invest in both our company and our people", says Dr. Zeljko Matijevic, CEO of odelo. "Our successful restructuring has laid the ground for us to be an attractive target for a strategic investor, supporting a sustainable development of odelo. With this strong partner, odelo can now focus on its globalization and innvovation objectives."

Bayraktarlar will honour all existing collective labour agreements at odelo. Furthermore, Bayraktarlar plans to invest in new technology at odelo. "Innovation is key for the future market success and competitiveness in the automotive supply industry, and this is what makes odelo attractive for us", confirms Ahmet Bayraktar. Through knowledge sharing and operational improvements, Bayraktarlar plans to further enhance odelo's competitiveness.

The transaction has been approved by all relevant cartel authorities.

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