BURSA, TURKIYE—Erciyes Anadolu Holding, based in Kayseri is trying to sell its Weavers upholstery fabric division according to a company spokesperson, F&FI has learned.
Weavers is one of the ten largest volume upholstery makers in the world. It produces residential, contract and outdoor upholstery fabrics.
Although Weavers’ sales were up significantly in 2022, profits have declined, and the owners are looking to sell the company and focus their energies on the other divisions in the Holding.
Erciyes Anadolu Holding is the Turkish government backed holding company which owns Boyteks and Weavers Tekstil. During the selling process, the company expects Weavers to continue to participate in major textile fairs.
Weavers and its plant in Bursa were separated from Boyteks several years ago as the woven upholstery division while Boyteks continues to operate its mattress ticking, warp knit upholstery and industrial fabric business in Kayseri.
In its fully integrated Kayseri plant, Boyteks began to produce fabrics in 2000, machine made carpet in 2011 and warp knit upholstery fabrics in 2013 and velvets in 2014.
Istikbal , Bellona and Mondi furniture manufacturing is also owned by the Group but is not part of the sale.
Boyteks was previously owned by Boydak Holding but the owners of that company had their shares confiscated by the Turkish Government because of their alleged ties to a terrorist organization. Boydak had an annual turnover of more than $2 billion and employed over 13,000 people before it was confiscated.
The former CEO is currently serving an 18-year prison sentence and seven other Boydak Group principals and family members are also in prison. The Turkish appeals court transferred their shares of Boydak Holding in 35 companies to the Savings Deposit Insurance Fund (TMSF) in 2016.
The eight Boydak family members still in prison lost their appeals case one year ago according to Turkish press reports.