Sisecam Investment B.V., a wholly owned subsidiary of Sisecam, purchased shares in the Turkish technology company ICRON at the closing general meeting held on Jan. 15, 2024. Sisecam Investment B.V. General Meeting was attended by Sisecam Chairman and Executive Member of the Board Prof. Dr. Ahmet Kırman, Sisecam CEO Görkem Elverici, ICRON Founding Partner A. Tamer Ünal, ICRON Chairman and CEO Gürer Ünal and ICRON Board Member Ahmet Ertuğrul.
Some 3% of ICRON's total shares were purchased by Sisecam Investment B.V. for $3 million. Simultaneously with the share purchase, it was also decided to increase ICRON's total capital by $5 million, with participation solely by Sisecam Investment B.V. As a result of this capital increase, Sisecam Investment B.V.'s stake in ICRON will rise to 15,66%.
Background info
In the first half of 2023, Sisecam signed a letter of intent to invest in ICRON, a provider of operational and strategic decision optimization services to various industries. In October 2023, Sisecam announced that it had reached a partnership agreement with ICRON. Under the agreement approved by the Turkish Competition Authority, Sisecam also holds an option to purchase additional shares in ICRON, allowing it to raise its total stake in the company up to 49%, in the future. Sisecam's goal with this partnership, its first investment in software technologies, is to grow in tandem with ICRON, a high potential technology services provider. In addition, Sisecam aims to take its operational excellence and optimization approach in its current business activities to the next level with ICRON.
ICRON is expected to contribute to Sisecam’s operational and financial performance with its already established digital infrastructure and its quality approach that fully meets today's evolving technological needs.
