Japanese ink giant TOYO Inc., which entered the Turkish market two years ago by acquiring Dyo's printing ink manufacturing plant, is poised to open a second factory in Turkey.
Toyo Printing Inks Inc. CEO Yakup Benli said they will establish the new factory in western Turkey's Manisa, with an investment of TL 200 million ($37.19 million).
Benli added that TOYO is looking to do long-term business, for at least 40 to 50 years, in Turkey. "It is a market where we will be permanent and continues to grow. We will continue making investments. There has been a great deal of interest from the Japanese investors in Turkey," Benli said.
"Currently, some major groups, in almost every sector, are engaged in partnership talks in Turkey. A few weeks ago, a large group of investors visited the Manisa Organized Industrial Zone (OIZ). We can hope to hear some good news soon," he said.
Having acquired 75 percent of Dyo Printing Inks, a subsidiary of Yaşar Group, in 2016, TOYO Inc. gradually increased its share to 87.5 percent, with three capital increases in two years.
Benli said that they realized a capital increase of almost TL 130 million during this period. "This is an indication that we will be permanent here. We will make Turkey a regional hub and a research and development center."
He added that the plant in Manisa is the only facility producing these product groups between India and the U.S. "While acquiring the Turkish company, the Japanese were aiming for sales to Eastern Europe, Russia, the Turkic Republics, the Middle East and West Asia through Turkey. Therefore, we are active in all of these regions. Last year, we increased our efforts in the Russian market. We started to work with a new distribution channel," Benli said.
"Our main area of growth will be exports. We are working mainly in the printing sector. Due to narrowing in that market, we are expanding on the packaging side, which has a high potential. This year we are aiming for TL 250 million in turnover."
The company CEO pointed to the recent growth of interest Japanese and South Korean investors have shown in Turkey and said that Japanese investors maintain very good relations with Turkey through development agencies.
"The Japanese are coming here to produce, to provide employment and, if possible, to export from here. There can be no more efficient and productive capital flow," Benli said, adding that 2018 was a dynamic year for the company. "We were affected by the fluctuation. For this reason, we focused more on exports. Last year, we exported to some 40 countries around the world."
Benli said 95 percent of their business was concentrated in the domestic market, but "the share of exports has reached up to 16 percent recently."