Turkish steel pipe producer Ozbal Celik Boru has announced that it has decided to merge with Erciyas Celik Boru Sanayi A.S., a part of Erciyas Holding A.S., out of the necessity to restructure because the company’s financial situation is unsustainable.
According to Ozbal Boru, the merger will enable the newly-formed company to strengthen its competitive position in both domestic and export markets and provide flexibility with orders due to logistics advantages.
Ozbal Boru had signed an agreement to transfer 51 percent of its shares to Erciyas Holding in November 2015.