South Korean conglomerate to distribute $1B worth of auto parts via new firm in Turkey

Published 03.08.2019 00:07

Halla Group, a South Korean logistics, automotive and construction company, will regionally distribute $1 billion in automotive parts through its new Turkey-based company.

The company has been operating in a wide range of areas such as shipbuilding, construction, education and sports, as well as the automobile industry since 1962.

The investment of the company comes with the help of the Istanbul Chamber of Commerce (İTO). Halla Group, incorporated by Mando Corporation as the "largest company," has founded Halla Corporation Europe in Turkey. The Mando Corporation is a 50% affiliate of Maysan Mando, a manufacturer of suspension systems. Halla Corporation Europe started its activities in Turkey with an official ceremony at İTO headquarters. The company will have a significant share in the world by managing a turnover of $1 billion directly from Turkey as part of product distribution in the after-sale market, a İTO statement said. Setting is the initial target of $200 million in turnover, the company has been positioned as the main hub of a giant sales network that covers operations in Turkey, Europe, Russia, Africa, the Middle East and Central Asia. "The fact that Halla Holding, one of the leading companies in South Korea, will invest in our country will be good for our country, which already has a very important position in the automotive industry. It will help our technological renewal and open a new horizon for the industry," İTO Chairman Şekib Avdagiç said.

Kyeong Sun Choi, CEO at Halla Group Investment Company Halla Holdings, expressed his happiness with the cooperation, noting that Halla Group employs 15,000 people with a turnover of $20 billion. "Our trust in Turkey has been riveted with this new investment, which we have made after the partnership we formed in previous years under the name of Maysan Mando," Kyeong Sun Choi noted. Expressing his trust in Turkey, Choi indicated that they have investment plans in areas such as logistics and construction, in addition to automotive.

Halla Corporation Europe CEO Anıl Yücetürk, who is also the general manager of Maysan Mando, noted that the company aims to reach $1 billion in turnover over the next five years. Emphasizing that Maysan Mando made a $30 million investment in Bursa, Yücetürk continued: "Despite shrinkage in the global automotive industry, we will continue to take responsibility for the development of our country and the industry. With the new investments, we will make significant contributions to the national economy as well as to employment."

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