Borusan to grow with acquisitions in Europe

Borusan to grow with acquisitions in Europe

Major Turkish steel and pipes producer Borusan Holding declared during an informational meeting yesterday that the group is looking to expand through further acquisitions or strategic partnerships. Borusan Holding, Europe's fifth-largest steel pipe manufacturer, said that the steel pipe and flat steel works of the group grew 178% over the past five years. Furthermore, the overall turnover of the company posted a 56% increase to $2 billion, while profitability rose 107% in 2004. The company experienced a six-fold turnover from the investments abroad, and it aims to further increase the turnover until it covers 25% of the overall company turnover. Borusan also mentioned at the meeting yesterday that the group's pipe production company, Borusan Mannesmann (BM), had an outstanding year in 2004. BM, with $404 million turnover and 770'000 ton capacity in 2004, aims to become a major player in the global spiral pipes industry. The company supplied the pipes for the Baku-Tblisi-Ceyhan oil pipeline project, and it is considering the undertaking of other pipeline projects soon. BM exported 34% of its total 2004 production.