The Daio Paper Corp., Japan's fourth-largest paper manufacturer, acquired Özen Kişisel Bakım, a hygiene products manufacturer owned by Turkish conglomerate Yıldız Holding for TL 153.7 million, the Japanese company announced.

According to a statement released on the Japanese company’s website, Daio acquired all 6,160,000 shares in Özen, including repayment of its debt. The statement added that the acquisition has been made as part of Daio’s medium-term growth plan to further expand its home & personal care (H&PC) business globally and to strengthen its profitability.

Özen has been a subsidiary of Yıldız Holding, one of Turkey's largest food and consumer goods conglomerate, and it owns personal care brands such as Komili Bebe, Baby Star and Rozi. The company produces baby diapers, wet wipes and toiletries and has a manufacturing facility near Istanbul, making it a more attractive investment due to lower logistics costs.

The company said it has chosen Turkey as its expansion base of H&PC business due to its high population and birth rate as well as its potential of becoming a production base for possible export to Middle East and North Africa (MENA) and Russia and other neighboring countries.

"Through the acquisition, Daio will secure a business base in Turkey, and we will further enhance our enterprise value by strengthening and expanding our business foundation by introducing to the Turkish market our product development capabilities, manufacturing technology and sales capabilities that Daio developed in the Japanese and Asian markets," the statement read.