Daio Paper Corporation is transferring all shares in its Turkish subsidiary, Elleair International Turkey Kişisel Bakım Ürünleri Üretim (EITR) to Evyap Holding in a move to exit the market five years after entering. The decision was reportedly driven by economic factors including rising costs, and intense market competition that hindered long-term investment prospects.
Daio has been active in the market since it acquired a branch of local producer Yildiz Holding in 2020 for $26.4 million, gaining control over Komili and other hygiene brands. The company markets products like baby diapers, sanitary pads, and wet wipes under its subsidiary, Elleair International Türk.
For Evyap, the move strengthens its position in Turkey, adding brands like Komili to its existing lineup, which includes Arko, Duru and Evy Baby. Following the share transfer, Evyap will divide the business between two subsidiaries. Evyap Hijyenik will retain 70% of the shares while Evyap Sabun will control 30% of the acquired business.
