Toyo Printing Inks to invest $26.7m in Turkey expansion
The company will buy approximately 62,000m² of land on its current premises in Manisa Industrial Zone, and will build a manufacturing facility and production site for polymers, with construction expected to start next year at a cost of $26.7m.
Katsumi Kitagawa, CEO, Toyo Ink Group, said the firm has reached the point where it needs to invest in advanced manufacturing technology to better serve its customers and has outgrown its current space.
He added, the construction will be carried out in phases over a period of five years.
The reason behind the expansion is the anticipation of strong demand in MENA, Central Asia and Eastern Europe.
Toyo Ink SC Holdings has been increasing its operation in Turkey as part of its growth strategy to expand its businesses throughout the region.
BakeryandSnacks reported Toyo Ink Group acquired 75% of shares of DYO Printing Inks in Turkey to expand its inks and coatings in the packaging market, including materials for food packages in 2015.