MAM
JWT to wholly own Turkish agency
MUMBAI: JWT, WPP‘s wholly owned operating company, has agreed to acquire the remaining stake in Istanbul based full service agency Manajans Thompson Reklam Isleri A.S.
WPP held a minority stake in Manajans since 1985 and will, following completion, own 100 per cent of Manajans.
Manajans was founded in 1944 Manajans and employs approximately 70 people with clients like Bayer, Nokia, Shell, Turkcell and Ülker. It generated 8 million Turkish lira (?2.85 million) in revenues in 2011.
In a statement released to the press, WPP said, “This investment continues WPP‘s strategy of investing in fast growing markets and sectors, such as the Next 11 (which includes Turkey) where WPP employs 10,000 people and generates revenues (including associates) of around $800m.”
WPP already employs nearly 1,000 people in Turkey generating around $100 million in annual sales.
