Eczacıbaşı Holding, a major Turkish industrial conglomerate, has agreed to sell its business that produces disposable tissue, including widely recognized brands Selpak and Solo, to Malaysia-based Arch Peninsula Sdn Bhd for $600 million, according to a regulatory filing, the DHA news agency reported.
The sale covers Sanipak, the Eczacıbaşı subsidiary that owns Selpak, Solo, Silen and Servis, the company said in a notice to Turkey’s Public Disclosure Platform (KAP). The agreement was signed on March 20.
The final transaction value will be determined at closing after adjustments for Sanipak’s debt, cash holdings and working capital. The deal is subject to approval by Turkey’s Competition Authority and other relevant regulatory bodies.
Eczacıbaşı has been active in disposable tissue production for more than five decades. The company began manufacturing personal hygiene paper products in 1970 at its İpek Kağıt facilities in Karamürsel in the northwestern province of Kocaeli.
Selpak, in particular, became a household name in Turkey and is widely used as a generic term for tissues.
The sale marks a significant shift for one of Turkey’s best-known consumer goods businesses, transferring control of the brands to a foreign company. Arch Peninsula is described as an affiliate of one of the world’s largest pulp and paper producers.
In a statement Eczacıbaşı Group CEO Burak Sevilengül said the agreement would position the business for global growth.
“We created some of Turkey’s most beloved and pioneering brands in personal hygiene products, a field we entered in 1969 under the name İpek Kağıt. At this stage, we believe Sanipak is entering a new phase with a strong international partner that can best realize its global growth potential,” he said.
Founded in 1942, Eczacıbaşı Holding operates across multiple sectors including building products, pharmaceuticals, consumer goods and natural resources, with additional activities in finance and real estate.
As of 2023 the group had more than 50 companies, over 13,500 employees and 40 production facilities, generating a combined net turnover of TL 33 billion ($745 million).
Internationally, it is known for brands such as VitrA and exports products ranging from tissue paper to pharmaceuticals and industrial raw materials.