Invest News DetailHurriyet - German industrial giant ThyssenKrupp expands its investments in Turkey by adding a second production facility to its existing metal works, ThyssenKrupp Metal Forming, in Kocaeli. The conglomerate announced its investment plans in a joint press release with the Investment Support and Promotion Agency of Turkey (ISPAT). The EUR 30 million greenfield investment will create 250 jobs once initial production starts next October. The plant will produce chassis and related parts for the automotive industry and is expected to reach a production capacity of 50,000 metric tons by January, 2013. Highly-automated facility will roll out chassis parts that are ready-to-use in an automotive assembly line. Speaking at the press conference, ISPAT President M. Ilker Ayci spoke of the Agency’s priority mission to draw technology-intensive and high added-value investments to Turkey. Ayci said that ThyssenKrupp’s latest investment in Kocaeli is important as the project will transfer chassis production technology to Turkey, crucial to automotive industry. Also speaking at the press event, ThyssenKrupp’s CFO Bernd Willenberg highlighted the importance of the investment, saying, “This investment will also contribute to regional development.” Willenberg thanked ISPAT and the Undersecretariat of the Treasury and the Undersecretariat of Foreign Trade for their contributions to the project.