Turkish major steel pipe producer Borusan Boru has announced that it has sold the land and buildings of its Gemlik large diameter pipe production plant to Turkish galvanized steel producer Borçelik for $66 million. The transaction was completed yesterday, February 22.
In its statement, Borusan Boru predicts the property will be handed over to Borçelik by December 15. The company states that it is still evaluating the options of the potential transfer of some of the machinery and equipment used in large diameter pipe production installed at its Gemlik plant and that it will make an announcement once something concrete comes up.