Interview: Turkish glassmaker Sisecam has Indian autos in its sights
03/07/2018 14:01
By Ceyda Caglayan
ISTANBUL, July 3 (Reuters) - Turkey's top glass maker
Sisecam SISE.IS plans to invest more in India, where it is
considering producing windscreens for the country's booming auto
industry, its general manager said.
"We plan to rapidly increase our capabilities regarding
product variation, opening new (glass) furnaces ... We will be
more efficient by expanding our product range," Ahmet Kirman
told Reuters in an interview in Istanbul on Monday.
"A new factory for automobile glass production is necessary.
We will be making an assessment on that as well," Kirman said.
He declined to provide an amount for the planned investments.
India is making more cars than ever as its economy develops
and domestic passenger vehicle sales rose by 20 percent in May
from the year-ago period, data from the Society of Indian
Automobile Manufacturers shows. urn:newsml:reuters.com:*:nL4N1TD3RZ
Sisecam, the third largest producer of glassware in the
world and fifth largest in glass packaging and flat glass, made
4.8 million tonnes of glass in 2017 at 43 sites in 13 countries.
The Istanbul-based company, which competes with NSG
Pilkington, Asahi Glass Co 5201.T , Saint Gobain SGOB.PA and
Guardian Glass in float glass production, has grown in India
through acquisitions in recent months.
Its Trakya Cam TRKCM.IS subsidiary produces float glass,
which and mirrors at a 600 tonne per day capacity plant in
India and last month it bought 49.8 percent of India's HNG Float
Glass, where it was a 50 percent shareholder, for $85.4 million.
Sisecam also expanded in Europe and became Italy's second
largest producer of float glass when it bought a factory from
Italy's Sangalli for 15.7 million euro ($18.32 million).
Kirman said the company was also looking at opportunities in
Mexico but U.S. President Donald Trump's recent protectionist
measures had clouded the outlook. "We have very interesting
offers (in Mexico)...But we will see where we could grow smartly
and take action accordingly," he said.
In March, Trump decided to impose import duties on steel and
aluminium, drawing criticism from other countries for
heightening the risk of a global trade war. The U.S. tariffs
have been imposed on Europe, Canada and Mexico since June 1,
after their temporary exemptions expired.
Kirman said Sisecam was also looking to invest in start-ups
in Turkey and abroad to diversify from its core business.
($1 = 0.8571 euros)
(Writing by Tuvan Gumrukcu and Ece Toksabay
Editing by Humeyra Pamuk and Alexander Smith)
((tuvan.gumrukcu@tr.com; +903122927021; Reuters Messaging:
tuvan.gumrukcu.thomsonreuters.com@reuters.net))