There is not a tremendous amount of growth to be found in the   North American and European printing ink markets, and the Asia-Pacific region has seen a major influx of investment by ink suppliers. Ink companies are always searching for new growth markets, whether it is regional or by product line.
 
Turkey is one country that has drawn interest in the past few years. It is enjoying population growth, and has a strong domestic market. Packaging printers and ink manufacturers have taken notice. In 2014, Sun Chemical began planning for its third manufacturing facility, which is focused on liquid inks, in the country. In February 2015, Toyo Ink SC Holdings Co., Ltd. established Toyo Ink Turkey Kimya Sanayi A.S., a wholly owned sales subsidiary, in Turkey.
 
In January 2016, Toyo Ink returned to Turkey in a major way, acquiring 75% of DYO Matbaa Mürekkepleri Sanayi ve Ticaret Anonim Sirketi (DYO Printing Inks), a subsidiary of Yasar Holding Anonim Sirketi. DYO Printing Inks is a significant acquisition, as it is the largest printing ink manufacturer in Turkey. Its portfolio includes gravure inks, flexo inks, offset inks and can coatings. All told, Ink World estimates its sales at $55 million in 2014.
 
For Toyo Ink, the DYO purchase has many benefits. The most striking is adding a packaging ink manufacturing hub that can serve the MENA (Middle East & North Africa), Central Asia, and Eastern Europe region. It is also Toyo Ink Group’s first production base west of India.
 
DYO is headquartered in Manisa, Turkey, and has color production operations in Istanbul and Ankara. Having opened a sales office in Istanbul last year, Toyo Ink realized it needed to have a local supply of inks as well. Adding DYO provides the manufacturing facilities as well as new products and local contacts.
 
All in all, acquiring DYO Printing Inks makes a lot of sense foe Toyo Ink, as it gives Toyo Ink a stronghold in MENA, Central Asia and in Eastern Europe.