Lo­cal firm to pro­duce power steer­ing with $120M in­vest­ment

Daily Sabah (Turkey) - - Business -

MAYSAN Mando, owned 50 per­cent by South Korean au­to­mo­tive giant Mando, is launch­ing a $120-mil­lion in­vest­ment plan to pro­duce Tur­key’s first do­mes­tic power steer­ing, re­ports Turk­ish lan­guage daily, Dünya.

De­tail­ing the in­vest­ment, Maysan Mando Gen­eral Man­ager Anıl Yücetürk said they re­ceived sup­port from the gov­ern­ment. He said that ac­cord­ing to an anal­y­sis by As­so­ci­a­tion of Au­to­mo­bile Parts and Com­po­nents Man­u­fac­tur­ers (TAYSAD), Tur­key has the in­fras­truc­ture to man­u­fac­ture around 80 per­cent of the do­mes­tic au­to­mo­bile project at the mo­ment. “With that with this project, that rate will go up to 85 per­cent,” he said.

Maysan, founded in 1969,was one of the first Turk­ish com­pa­nies to pro­duce shock ab­sorbers in the coun­try. It was later named Maysan Mando in 1997, when South Korea’s Mando Cor­po­ra­tion ac­quired 50 per­cent stake agree­ment in the com­pany.

Ex­port­ing to more than 70 coun­tries, Maysan Mando pro­duces shock ab­sorbers for the Turk­ish Armed Forces as well as for global au­to­mo­tive gi­ants like To­faş, Ford Otosan and Re­nault.

The com­pany has al­most dou­bled its turn over with in­vest­ments made over the past few years and plans to be­come one of Tur­key’s top 500 com­pa­nies by post­ing a turnover of over TL 400 mil­lion ($97.30 mil­lion) this year. “The cur­rent in­di­ca­tors show that we will achieve this goal,” Yücetürk said.

Maysan Mando also con­trib­uted parts to the Tesla elec­tric car.

Re­ports claimed that the Tesla road­ster Amer­i­can busi­ness­man Elon Musk sent to outer space also had shock ab­sorbers made by Mando

“The Mando Group, which has a $7 bil­lion turnover, is one of the most im­por­tant sup­pli­ers in Tesla’s au­tonomous ve­hi­cles project. Mando also pro­duced four of Tesla’s shock ab­sorbers sent to space,” Anıl Yücetürk said.

“Sub-com­po­nents of the parts re­quired for the shock ab­sorbers and other brake tools for the Tesla ve­hi­cle sent to Mars were pro­duced in 24 dif­fer­ent Mando Tesla fac­to­ries, in­clud­ing the fac­tory in Tur­key. As Maysan Mando, we pro­duced the shaft, one of the im­por­tant com­po­nents of a shock ab­sorber.”

The com­pany has also de­ter­mined the lo­ca­tion of the fac­tory in Tur­key, where it plans pro­duce power steer­ing.

Power steer­ing pro­duced by Maysan Mando will then be ex­ported all around the world.

The de­tails of the project will be an­nounced in the com­ing days and the in­vest­ment will likely be made in TAYSAD Or­ga­nized In­dus­trial Zone (TOIZ) or Bursa. Stress­ing that they will re­al­ize the first do­mes­tic power steer­ing pro­duc­tion in Tur­key with this project, Yücetürk re­called that cur­rently, all the cur­rent power steer­ing sys­tems used in Tur­key come from the Czech Repub­lic or Poland.

“This fac­tory will close the cur­rent deficit of $350 mil­lion by us­ing the lo­cally pro­duced sys­tem in all the ve­hi­cles ex­ported to the Euro­pean Union,” Yücetürk said.

Point­ing out that agree­ments have been signed with some com­pa­nies for the lo­cal power steer­ing and dis­cus­sion were un­der­way with sev­eral oth­ers, Yücetürk said the in­vest­ment will be com­pleted by 2019 and that it will con­trib­ute $150 mil­lion to to­tal turnover, in­form­ing that the first ship­ment will be made to Hyundai As­san at the end of 2019.

Re­call­ing that in elec­tric ve­hi­cles, the steer­ing wheel should also be elec­tric, Yücetürk said they in­tend to take part in the do­mes­tic au­to­mo­bile project, which plans to be elec­tric.

“We started work­ing on lo­cal­iz­ing our sup­pli­ers for this project. We came to­gether with the of­fi­cials from the Min­istry of Econ­omy and the Min­istry of Sci­ence, In­dus­try and Tech­nol­ogy. We re­ceived great sup­port from our min­istries and we are re­al­iz­ing this in­vest­ment with their sup­port.”

Not­ing that this project will fur­ther de­velop Tur­key’s sup­plier port­fo­lio, Yücetürk said there are two most im­por­tant parts of the power steer­ing, namely the elec­tronic unit and the en­gine, adding that they are in talks to lo­cal­ize the en­gine as well. Yücetürk also said that the em­ploy­ment of 500 peo­ple will ex­ceed 1000 with the new in­vest­ment.

An­nounc­ing that Maysan Mando de­cided to trans­fer pro­duc­tion of shock ab­sorbers from Poland to Tur­key, Yücetürk said they will make prod­ucts for Audi, Mercedes and BMW and GM in Tur­key.

Yücetürk also un­der­lined that they have switched to in­dus­try 4.0 by re­al­iz­ing some im­por­tant dig­i­tal in­vest­ments this year.

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