Oyak-Renault breaks ground in Turkey with $115M plant
Turk sh-French jo nt automot ve manufacturer Oyak-Renault’s founded a h gh-pressure alum num nject on mold ng plant n Turkey’s ndustr al prov nce of Bursa on Fr day. The plant – worth €100 m ll on ($115 m ll on) – w ll produce alum num eng ne blocks for the company’s new h gh-tech generat on eng nes for hybr d veh cles, Turkey’s Industry and Technology
M n ster Mustafa Varank sa d n a groundbreak ng ceremony n Bursa. “The plant nvestment was made under the project-based Incent ve System,” Varank sa d. “The plant w ll contr bute to employment and exports, t w ll also reduce Turkey’s current def c t by $2.3 b ll on annually,” he added. Domest c manufacturers and suppl ers w ll prov de parts for eng ne block product on, the company sa d. N colas Maure, sen or v ce pres dent of Renault, sa d the plant was the f rst step n the company’s future nvestment plans n Turkey. Renault has renewed ts partnersh p w th Oyak for the next 27 years, Maure noted. OyakRenault, founded n 1969, produces 360,000 cars and 750,000 eng nes annually.