Sabah - The Sumitomo conglomerate of Japan plans to invest in metal cutting in Turkey through its unit Sumitomo Electric. The large group with operations in steel, heavy machinery, banking, insurance and many other sectors will do business in Turkey with a local partner.
The Turkish-Japanese JV established last month under the name of Sumisertmetal will first expand its sales network of industrial drills and cutters and consider production afterwards, according to Sumisertmetal CEO Edip Bayizitlioglu.
An initial budget of USD 20 million has been set aside to begin operations, said Bayazitlioglu, adding that the amount will undoubtedly go up as Sumitomo’s Turkey plans include beginning production by 2015. The decision to enter the Turkish market with a local partner testifies to Sumitomo’s close interest in Turkey, he noted.
The Sumitomo group of enterprises is one of the oldest and largest surviving business ventures in the world dating back to the early 17th century.