Milliyet - Jantsa, a Turkish manufacturer of wheel rims producing mainly for the automotive and defense industry since 1977 and exporting to 80 countries worldwide, is forming a joint venture with Italian CLN Group, its biggest competitor in the global market. Both parties will have a 50 percent stake in JMW, the new joint venture that will be built in the Aegean province of Aydin at a total investment cost of EUR 36 million and will produce 3 million wheel trims annually.
The new plant will focus its production on wheel rims mainly for passenger cars and heavy vehicles and will employ some 400 people. Trial production in the 20,000 square meter Italian-Turkish partnership JMW is slated for this October, while the plant is expected to reach an exports volume of EUR 25 million and a sales revenue of EUR 50 million.
Commenting on the project, Ercan Cercioglu, General Manager of Jantsa and President of the Aydin Chamber of Commerce, said that they decided to join forces with CLN during the 2008 crisis and that JMW will become one of the largest wheel rim plants in the world. During the past ten years, Jantsa has drawn a similar growth pattern with CLN, which has 8,000 employees and a sales revenue of EUR 1.7 billion, according to Cercioglu.
Meanwhile, Gabrielle Perris Magnetto, CLN Group Chairman, said that they have been impressed by Jantsa’s rapid and steady growth, and added “It is excellent to form a partnership with our biggest competitor on the global arena. Jantsa is also a family-run company like us, and has a strong position in the market. We are very content with our joint venture and presence in Turkey.”