Turkish family-owned Bayraktarlar Holding has acquired Germany-based odelo Group. For Bayraktarlar, the acquisition expands its European automotive lighting business and gives it its first market footing in Germany. The Turkish company says it plans to invest in new technology at odelo and will honor the German company's existing collective labor agreements.
Bayraktarlar is based in Istanbul; odelo operates out of Schwaikheim, Germany, with five plants in Germany and Slovenia, and claims a 20% share of the automotive lighting market in Germany. Bayraktarlar is active in the automotive supplier industry with its Farba brand. With the acquisition of odelo, Bayraktarlar seeks to expand its international business and strengthen its market position in the automotive supplier industry in Europe. The transaction has been approved by the relevant cartel authorities....