Turkish Pasabahce Acquires Pearl Glass Group

Turkey's Pasabahce recently completed the acquisition of the Pearl Glass Group for US $ 150m, according to sources in the Ministry of Industry. Sources at Pearl said the deal reached its final stage, and will soon see the transfer of the company's ownership to the Turkish company. Pasabahce is the third largest glass producer in the world and the second largest in the EU. It has 47 outlets in 12 Turkish cities and one in Milan, Italy, as well as representative offices in 19 countries, including Egypt. The Turkish company intends to invest US $100m in the Egyptian market as soon as the acquisition deal is completed, said Minister of Trade and Industry, Tarek Kabil in a statement recently.