ANKARA
Spain's Gonvarri Steel Services has signed a deal with a Turkish construction firm, Cepas for a 51 percent share in the company.
The deal, which was signed on 28 January, totaled 32 million euros.
Cepas CEO Erdogan told the press at a meeting on Friday in Ankara that the investment will give Turkey a specialized knowledge in technology production.
“We will increase our monthly production capacity to 9,000 tones from 5,000 tones,” he said. “We carry our job from the sea with this acquisition.”
He added that Turkey plans to further invest in its renewable energy production, such as wind and solar.
As part of the deal, Spain's Gonvarri will export hot-dip galvanizing and other steel products, such as steel construction, transmission towers, and lighting poles from Turkey, to destinations such as Eastern Europe, Germany, the Middle East and North Africa.
Jon Riberas Mera, CEO of Gonvarri Steel Industries, said: "Turkey is a market with good growth perspectives in infrastructures and road safety. With this acquisition we can reinforce our international presence, increasing our services to countries in a more direct and flexible way."
“What has been happening in Turkey's politics does not affect our investments in the country. There are big opportunities in Turkey, we are focusing on these. We feel like our home is in Turkey,” he added.
Gonvarri operates in 25 countries, employing more than 35,000 people in more than 140 factories. Its 2013 turnover totaled US$12 billion.
Cepas was founded in 2003 and has a strong presence in the Turkish market, both in the construction and road safety industries.
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