Invest News DetailToday’s Zaman - Kiturami Boiler Sales Company Ltd., a South Korean manufacturer of heating and cooling equipment, has formed a joint venture with Turkey's Ilhanli Group to establish a water heater factory in Turkey. The factory is estimated to cost $20 million, and each company has pledged to contribute half the sum. The plant is scheduled to begin operating in 2012. The exact location for the project has not yet been determined but will either be the district of Catalca in Istanbul or the district of Cerkezkoy in Tekirdag. Both districts are known for their large industrial complexes. The factory will employ 400 workers initially and will have an annual production capacity of 150,000 water heaters. Approximately 15 percent of the staff will be South Korean engineers and workers. Mehmethan Akan, General Manager of Kiturami Turkey spoke at a press conference in İstanbul yesterday. He gave information about the project and stated that the new factory will form a base for the company to increase its presence in the European and Middle Eastern markets. Kiturami has an annual turnover of $800 million and sells more than 1.5 million units per annum to a number of countries including Japan, Russia, Portugal, Uruguay, Chile and Brazil.