The Nivea skin care maker is set to acquire the remaining 50 per cent equity in EBC Eczacibasi-Beiersdorf Kozmetik Ürünler Sanayi ve Ticaret as it looks to further grow its brands.
Eczacibasi Holding A.S. and Beiersdorf AG each held a 50 per cent stake in this company up until this point, with the Germany-based firm due to complete the takeover on January 1, 2013.
"Turkey already is an important market for Beiersdorf and will gain even more importance in the future,” comments Stefan F. Heidenreich, CEO of Beiersdorf AG.
“We express our gratitude to our long-standing partner for the successful cooperation over the past 20 years. It is through this shared commitment that we have been able to grow our brands - above all NIVEA - and achieve leading market positions."
The acquisition is subject to approval by the relevant Federal Trade Commission.