Turkey's Kibar to set up auto parts facility in Europe -CEO
06/10/2020 14:26
ISTANBUL, Oct 6 (Reuters) - Turkish conglomerate Kibar
Holding plans to invest 40 million euros ($47 million) in
automotive seats technology and also set up an auto parts
production facility in Europe, Chief Executive Haluk Kayabasi
said on Tuesday.
Speaking at a conference, Kayabasi also said the company
will make capacity-boosting investments in raw materials and key
intermediate products next year after the coronavirus outbreak
disrupted supply chains.
"We are planning to invest 40 million euros in air
suspension seats and also set up a manufacturing facility in
Europe in the medium term," Kayabasi said.
Assan Hanil, the main auto parts supplier unit of Kibar
Holding and South Korean Seoyon E-Hwa 200880.KS , is known for
its seating systems, bumper, door and instrument modules,
according to its website.
Initially just providing parts for Hyundai, the company is
now producing parts at its three facilities in Turkey and
supplies to Mercedes-Benz Turkey, Ford Otosan FROTO.IS and
Karsan Otomotiv KARSN.IS .
($1 = 0.8478 euros)
(Reporting by Ceyda Caglayan;
Writing by Ezgi Erkoyun;
Editing by Daren Butler and Jonathan Spicer)
((ezgi.erkoyun@thomsonreuters.com; +90-212-350 7051; Reuters
Messaging: ezgi.erkoyun.thomsonreuters.com@reuters.net;))