Turkish company buys distributor companies operating in East Russia
ISTANBUL-ReutersBorusan Investment’s unit Borusan Machinery has said it bought Caterpillar’s Russian Federation Far East operations from Tiger Machinery in a written statement on April 17.
The unit, which is owned by Borusan Holding, bought Tiger Machinery’s subsidiaries Amur Machinery and Services, Sakhalin Machinery and Tekhnika Dalniy Vostok, according to the statement.
Tiger Machinery’s subsidiaries are operating in infrastructure and construction, oil and gas, mining and forestry sectors by selling machines and power systems and providing after sale customer support, it added.
Meanwhile, Borusan Holding said it plans to rise its investments up to $417 million this year, its operational profit by 10 percent and consolidated revenue by 5 percent on U.S. dollar basis in a press meeting on April 17.
According to the press release, the business group posted $328 million of operational profit in 2014 and $4.5 billion of consolidated revenue. The group made investments worth over $322 million last year.
The group plans to increase its investments up to $2 billion by 2019, according to the press release.