10/20/2008

Auto parts manufacturer Gates to invest in Turkey

Today’s Zaman - The Gates Corp., one of the world's largest manufacturers of automotive and industrial products, will build facilities in Istanbul and Izmir, with a construction to start before the end of the year and production by 2010. The Prime Ministry Investment Support and Promotion Agency along with officials from Gates, a subsidiary of Tomkins PLC, announced the investment at a news conference Saturday in Ankara. The facilities in the districts of Gebze and Tuzla in Istanbul will serve as centers for gas liquids engineering and distribution, while the plant in the Izmir Free Trade Zone will focus on production of lubrication oil, pumps and belts for vehicles. The facilities in Turkey will work primarily to satisfy demand from European markets, Gates President John Bohenick said at the news conference, noting Turkey's significance as a logistics center. "In terms of both its quality labor force and strong supply industry, Turkey is a very dynamic location for us," he said. "Besides, this country is a gradually developing production base for our customers." Alpaslan Korkmaz, President of the Investment Support and Promotion Agency, was also happy to announce Gates' entrance into Turkey. Stating that the Gates' project is a greenfield investment, he said: "As Investment Support and Promotion Agency, we have offered them services from A to Z." Gates operates 60 plants in 25 countries. Its income in 2007 was $5.8 billion.

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