HAMM, Germany -- Sabanci Holding has sold its shares of its polyester subsidiary, Advansa BV but will continue with its current operations in Europe including the polyester staple fibre production plant in Germany. The investor group that made the purchase includes a European leader in recycling and senior management of Advansa in Europe who will now become shareholders.

"Advansa BV's strong portfolio of brands, technology and technical fibres will continue to be at the heart of our strategy while the ownership change secures the longterm future of the business and will also reinforce Advansa BV's position as a leader in sustainable polyester fibre production," said Dr. Heinz Meierkord, general manager.

SASA, the Turkish subsidiary of Advansa will remian under majority control of Sabanci Holding as a publicly listed company of the Turkish Stock Exchange. Advansa BV sales in Europe for fiscal year 2010 were approximately $213 mm but details of the financial value of the share purchased were not disclosed.