US 3M breaks ground for $500 mln Turkish facility

US 3M breaks ground for $500 mln Turkish facility

3M, the U.S.-based multinational conglomerate active in a wide range of sectors, has held a groundbreaking ceremony for its $500 million investment in a production facility in northwestern Turkey.
A statement from the company yesterday said it would be one of the largest 3M facilities in the world.
The investment will increase the production capacity of the company in Turkey, according to Hak Cheol Shin, the 3M vice president responsible for international investments, speaking at the ceremony yesterday.

The company wants to establish the facility at the Çorlu European Free Zone, the large industrial area neighboring Istanbul, before the end of 2012.

“The facility will produce for various sectors and will recruit more than 1,000 people,” Shin said.
The local branch of the company is marking its 25th anniversary in the country, according to 3M Turkey Gerela Manager Andrei Holban.

The branch currently employs 400 people and is among the top 1,000 exporters in the country.
“We will offer made-in Turkey labeled goods to Turkish companies to replace the ones they are currently importing,” Holban said.

Thanks to the planned exports from the new facility, 3M will also contribute in cutting Turkey’s current account deficit, he said.

Economy Minister Zafer Çağlayan thanked Kemal Şahin, chairman of Şahinler Holding, which founded the free zone in 1996.

The new 3M facility hopes to reach $1 billion in revenues in five years, Çağlayan also said.