Zwolle, 22 November 2007 - Wavin N.V., Europe’s leading supplier of plastic pipe systems and solutions, announces today that it has signed an agreement with the Sabanci Group to acquire Pilsa Plastic, a prominent Turkish manufacturer of plastic pipes and fittings. In 2007 the expected revenue of Pilsa will be approximately 125 million USD.
The purchase price for this acquisition is around 82 million USD (subject to adjustments on the closing day) and will be funded from existing credit facilities. Wavin is currently in discussions with potential partnership candidates that may take a minority stake in the transaction.

Wavin CEO Philip Houben comments: “Pilsa is an important strategic acquisition for the Wavin Group. As one of the first international companies in the industry to move into the emerging Central and Eastern European markets, Wavin has built strong leading market positions in many of these rapidly growing economies. The acquisition of Pilsa provides Wavin with an excellent opportunity to benefit from the positive economic developments in Turkey and surrounding countries. The company is a significant player in its home market and has strong export positions in several Central and Eastern European countries. We expect the acquisition to be accretive to earnings per share from the start.”

Pilsa Plastic currently employs 390 people and generates approximately half of its revenue from Civils & Infrastructure business and the other half from Building & Installation business. The company is based in Adana and has been part of the Sabanci Group, Turkey’s leading industrial and financial multi business firm, since 1971.

Completion of the acquisition is subject to certain conditions, including all necessary regulatory approvals and consents. Subject to the satisfaction of these conditions, parties expect to complete the transaction at the end of 2007 or the beginning of 2008.