According to a release by the Republic of Turkey Investment Support and Promotion Agency, German industrial group ThyssenKrupp's Metal Forming division has recently held the groundbreaking ceremony for its second production plant in Turkey's Kocaeli province with the attendance of Mr Zafer Caglayan Turkish minister of state.

In its second plant investment in Turkey following the first one which started production in Kocaeli at the end of 2007, ThyssenKrupp has invested a total of EUR 30 million for the production of chassis and frame components which are of critical importance for the automotive industry.

Mr Ufuk Yarli GM of ThyssenKrupp Turkey said the plant will reach an annual production capacity of 50,000 tonnes once it becomes fully operational in January 2013. A total of 7,000 people are employed at existing 17 manufacturing plants.

He said that in 2010, the annual production capacity of the company stood at 550,000 tonnes while its sale proceeds amounted to EUR 1.1 billion. The decision of this giant company which is active in a total of seven countries including Germany, the UK, France, Spain, Poland, China and Turkey to invest in Turkey for the second time is highly promising for the future.

Mr Bernhard Osburg CSO of ThyssenKrupp Metal Forming described the Turkish automotive sector as the driver of country's economy. ThyssenKrupp's investments will expand alongside the Turkish automotive industry. The company has long-term plans regarding Turkey.

(Sourced from Steel Orbis)