Turkey-based steel pipe producer Borusan Mannesmann Boru has announced that, for its $75 million investment plan which will primarily focus on the automotive industry, it has signed a credit facility agreement with the Netherlands-based ING Bank worth $53 million. The company also stated that it aims to complete the second credit agreement for the remaining balance of the investment plan with Austria's export credit agency OeKB Bank by the end of the current year.
Borusan Mannesmann announced in January this year that it plans to increase the production capacities of its Halkalı (Istanbul) and Gemlik (Bursa) facilities with new investments to meet the anticipated market growth and market share targets. Accordingly, the investment plan will primarily focus on the automotive industry, which is one of the strategic growth areas within the company’s core business lines, and will also focus on high value-added standard pipe products. With this investment plan, Borusan Mannesmann aims to create 250 new jobs, to reinforce its leading position in Turkey as regards its sales for the automotive sector and also plans to be among the top three companies in the European market.