Central National-Gottesman Buys Large Stake in Turkish Paper Merchant Korda

Feb. 16, 2011 - Central National-Gottesman Inc. (CNG) announced that its European subsidiary, Central National-Gottesman Europe GmbH, has acquired a 78% ownership interest in Korda Kagit Pazarlama ve Ticaret A.S., one of Turkey's leading paper merchants.

The remaining 22% share of Korda will remain with Korab International Holding S.A., CNG said.

Korda was founded in 1996 and is now one of the largest distributors of printing papers and packaging grades to the Turkish market. The company is headquartered in Istanbul, where it maintains a 10,500 sq meter (113,000 sq ft) warehouse and administrative offices.

Korda also operates three additional regional warehouses, with locations in Ankara, Izmir and Adana.

"Central National has had a substantial and successful business relationship with Korda and Korab International for more than a decade," said Ken Wallach, chairman and CEO of CNG.

"Korda has excellent management and a fine sales and support team, which has enabled the company to expand its operations while building a superb reputation for quality and service. We look forward to working closely with Korab International and the current management of Korda to support and grow Korda's position in the Turkish market," Wallach added.

Founded in 1886 and headquartered in Purchase, New York, Central National-Gottesman is an international marketer of pulp and paper.

SOURCE: Central National-Gottesman Inc.