Turkey’s Hattat in talks on financing for $4 billion energy projects
ISTANBULTurkey’s Hattat Holding is in talks with institutions on partial financing for more than $4 billion worth of energy projects, the chairman of the Hema Endüstri group, İbrahim Hattat, said Oct. 20, according to Reuters.
Hattat made the comments after the signing of a long-term syndicated loan between Hema Endüstri and Credit Suisse worth up to 250 million euros ($284 million) to be used to increase productivity at its automotive and industrial facilities in the northwestern district of Çerkezköy.
Hema Endüstri built a casting plant two years ago to compete with Chinese suppliers on the production of cast iron and nodular parts, a major intermediary input used in production, according to a follow-up press release.
The company produces engine blocks, gear and transmission bodies, front axels for front-wheel-drive vehicles and engine heads in the plant, offering them to customers abroad as fully processed components.
“The proceeds of the transaction will be used to improve efficiency in the Çerkezköy plant of our automotive and industrial group companies, and to complete modernization work with the help of optimum solutions developed with the latest technology. A global player in its field, Hema will improve its position in the industry thanks to its quality and competitive edge against its rival brands in world markets,” said the company.