Business

Turkish Borusan Holding earmarks $818M investment in 2022-2024

Turkey’s Borusan Holding is planning a TL 12 billion ($818 million) investment in the 2022-2024 period, it said on Thursday, as it aims to improve core businesses and grow in other sustainable export-oriented sectors.

“The company is evaluating organic and inorganic investment opportunities in new sectors that are industry based, sustainable and growth and export oriented,” it said in a statement.

Borusan Holding, which has interests in steel, logistics, energy and other sectors, is targeting TL 82 billion consolidated net sales this year, up from 47 billion in 2021, the group’s chief executive Erkan Kafadar said.

He also told a news conference that the company wants to do business in the construction sector in the United States, in addition to their presence in the energy sector.

“In 2021 we have both experienced strong financial successes and determined a new road map with the goal of being a 200-year-old company.” Kafadar said, adding: “As we move towards this goal, we plan to not only catch up with the present, but also anticipate and implement the business models, talents and ways of working of the future. We have drawn a detailed road map for ourselves in order to achieve our goals.”

He noted that as part of this road map, which leads to the economies of the future, they will first transform and develop their main fields of activity.

“Our next route will be to grow in nearby business areas and then to move towards new fields of activity using the valuable experience we have.”

“At the last stage of our growth approach there is corporate venture capital, which we will position under a different structure. We will invest in businesses with growth potential under this roof,”he said.

The company’s Borusan Mannesmann unit recently announced a $50 million investment in the United States to increase production capacity.

Source
dailysabah

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