Two Turkish companies invest $198 mln in Italy

Two Turkish companies invest $198 mln in Italy

Engin Esen - ISTANBUL
Two Turkish companies invest $198 mln in Italy

Livio Manzini (L), president of the Italian Chamber of Commerce in Turkey, presented an award to Ahmet Kırman (R), vice chair of Şişecam at a gala dinner in Istanbul on Dec. 14.

Investments made by two Turkish companies in production sites in Italy have totaled almost $198 million this year.

Şişecam Group’s affiliate Trakya Cam Sanayii and Kastamonu Entegre executives were honored at a gala dinner organized by the Italian Chamber of Commerce in Istanbul on Dec. 14.

Kastamonu Entegre, which had acquired the Italian furniture company Gruppo Trombini in 2017, made an investment of $180 million to start production in its new particle board production sites in Italy.

Being one of Turkey’s top-50 industrial companies, Kastamonu Entegre targets a market share of 20 percent in Italy and plans to extend its overseas investments beyond 800 million euros, according to remarks made by Kastamonu Entegre’s CEO Haluk Yıldız.

Trakya Cam Sanayii doubled its sheet glass production in Italy by an investment of $17.8 million in 2018. It had bought a production facility of Sangalli Group in Italy in 2016. This year, it acquired another facility of Sangalli Group.

Elena Sgarbi, Italy’s consul-general in Istanbul, presented a plaque to Yıldız at the gala dinner.

Ahmet Kırman, vice chair of Şişecam, received the award from Livio Manzini, president of the Italian Chamber of Commerce in Turkey.

Total investments by Turkish companies in Italy had reached $387 million between 2002 and 2017, according to Turkish Central Bank data. Investments by Italian companies in Turkey were more than $3 billion in the same period.

Turkey, Turkish companies, Italy, foreign investment, 2018, Italian Chamber of Commerce, Şişecam, Kastamonu entegre, award