GKN Engineering, a global engineering giant headquartered in the U.K., has purchased Tozmetal Trade and Industry Inc., the leader of the Turkish powder metal industry. GKN employs 58,000 people and has annual sales figure of $11.4 billion.
The agreement was announced by the GKN's headquarters in the U.K. Expressing great enthusiasm regarding the purchase, GKN Powder Metallurgy CEO Peter Oberparleiter said, "Tozmetal is a well-functioning company that will complete our large presence in the powder metal market."
Price information related to the purchase has not been shared, while the completion of the transaction will take place after the approval of the relevant institutions.
Tozmetal is the sector leader in Turkey
Founded by Sadettin Kardeşler in 1973, Tozmetal manufactures parts from metal powders, mainly for the automotive sub-industry, white goods and other sectors.
Completing 2016 with sales revenue of $30 million, the company operates on a total area of 7,000 square meters, including a closed space of 6,000 square meters. With a product range of over 1,500 parts, Tozmetal is the leader of its sector in Turkey.
Manufacturing the parts required by the US-based companies such as Köhler and Tecumseh, the company is also an approved manufacturer of many European firms, such as VW Audi Group, GM Opel and Renault.
With an annual capacity of 2,000 tons, the company exports 85 percent of its production. The company's Board of Directors consists of the founding Kardeşler Family.
58,000 people work at world giant GKN
Stepping into the Turkish market by purchasing Tozmetal, GKN Engineering is practically a world giant. The company, which was founded in the United Kingdom about 250 years ago, and achieved $11.4 billion in sales last year. GKN employs 58,000 people and operates in more than 30 countries.
The group, which is a global engineering firm, operates in a wide range of fields, from aircrafts to automotive vehicles and from military equipment to agricultural manufacturing.