Kansai Paint to acquire the remaining 50% of Polisan

Japan’s Kansai Paint, one of the world’s largest paint manufacturers, has received approval from the Turkish Competition Authority to acquire full ownership of Polisan Kansai Boya, one of Türkiye’s best-known paint brands. Marmara Holding had reached an agreement with the Japanese company to sell its entire 50% stake in Polisan Kansai Boya for $93 million. Marmara Holding announced the regulatory approval.

The foundations of Polisan Boya, one of Türkiye’s leading brands, were laid by the Bitlisi family in 1964.

Founded by the Bitlisi family, Polisan Boya welcomed Japanese partner Kansai Paint in 2016

Japan-based Kansai Paint became a shareholder in Polisan Boya in 2016, when Polisan Holding sold 50% of Polisan Boya to Kansai Paint Co. Ltd.

In September 2025, Polisan Holding made a strategic decision to undergo a partial demerger. The holding company separated its paint and chemical subsidiaries from its main corporate structure, including its 50% stake in Polisan Kansai Boya and its shares in Rohm and Haas Kimya.

To consolidate these separated investments under a single entity, Marmara Holding A.Ş. was established under the control of the Bitlisi family. The 50% domestic stake in the paint company was subsequently transferred from Polisan Holding to Marmara Holding.

Agreement reached to sell the 50% stake for $93 million

Approximately nine months later, on 26 June 2026, Marmara Holding announced that it had signed a preliminary agreement with Kansai Paint to transfer its entire 50% stake in the company. The sale price was set at $93 million.

The share transfer agreement between the two parties was subsequently signed on 29 July 2026.

Competition authority approves the share transfer

The approvals awaited by Marmara Holding and Kansai Paint were received on 28 September 2026.

Marmara Holding announced the decision in a statement published on Türkiye’s Public Disclosure Platform (KAP). The statement confirmed that the Competition Board had approved the share transfer and read as follows: “On 28 September 2026, Kansai Paint notified our Company that the Competition Board had approved the Share Transfer, thereby fulfilling the condition precedent under the Agreement relating to obtaining the required regulatory approvals. Our Company will begin preparations for convening an extraordinary general assembly meeting to facilitate the Share Transfer. Developments regarding the general assembly meeting and the completion of the Share Transfer will be disclosed to the public fully and in a timely manner.”

Founded in 1918, Kansai Paint employs 17,000 people

Kansai Paint was founded in 1918. The company generates annual revenue of nearly $4 billion and employs 17,000 people. The Japanese group operates a total of 93 production facilities across 34 countries. Automotive paints account for 26% of its revenue.

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Source : Patronlar Dünyası, September 29, 2026. Article translated by Advantis Conseils Turquie