International companies' interest in Turkey opens Turkish companies to the world. While Turkish companies conducted mergers and acquisitions valued at $2.51 billion in 2012, this figure reached $5.14 billion last year. Turkish companies are opening up to the world through acquisitions in particular, and are buying companies and establishing facilities in the U.S., the center of the global economy. Besides Turkey's largest industry groups such as Koç Holding, Borusan, Eczacıbaşı and Orhan Holding, other Turkish companies are also investing in the U.S. Korsini-SAF, a Turkish company based in İzmir, has been added to the list of Turkish companies investing in the U.S.'s tourism, real estate, shopping and iron-steel sectors.
Korsini-SAF, which is one of the leading offset printing companies in Turkey, is preparing to establish a factory in the U.S. The first phase of the facility will cost $20 million and will be located in Memphis, Tennessee. The facility, which will make labels for consumer goods, will be established with Canadian CCL Industries LLC through a 50-50 partnership structure. The facility, which will begin production in the first half of 2016, will operate in a 10,000-square-meter area. Established in 1903, Korsini is one of the oldest companies in İzmir and exports to more than 50 countries.
Korsini's Canadian partner CCL Industries is one of the largest industrial companies in Canada. Founded in 1951 in Toronto, the company has more than 10,000 employees. Working with giant companies in various sectors such as food and beverages, personal care and health care, CCL Industries has 97 production facilities spread across Latin America, Europe and Australia.
Among the other Turkish companies investing in the U.S., Borusan has made the most crucial investment. Borusan took over a natural gas pipeline project worth $152 million in Pennsylvania. Moreover, Yıldız Holding conducted the largest Turkish acquisition in the U.S. by buying DeMet's Candy, a confectionary company established in 1989, for $221 million. Orhan Holding conducted the second-largest acquisition by buying powertrain component supplier Dana Corporation's assets, which are located in seven countries, for $70 million.
While defense company Havelsan acquired the flight simulation business assets of Quantum3D, Eczacıbaşı-Monrol bought all the shares of Capintec, which operates in the pharmaceutical sector, established in Delaware. Honorary chairman of Koç Holding, Rahmi Koç, bought Merrill-Stevens, whereas Viaport acquired two shopping centers in the U.S. Furthermore, Timur Gayrimenkul will build a skyscraper in Manhattan under the Nef brand that is expected to generate a $210 million investment value. The high-rise, which will have at least 60 floors, is next to the famous Empire State Building.
