Koc to Invest $1 Billion in Motor Vehicle Units, Milliyet Says
Koc Holding AS (KCHOL), Turkey’s biggest group of companies, will invest 1.9 billion liras ($1 billion) in its motor vehicle units this year, Milliyet reported, citing the holding’s automotive group head Cenk Cimen.
Koc’s automotive group sales totaled about 22 billion liras in 2011, rising 30 percent from the previous year, Cimen said, according to the Istanbul-based newspaper. Ford Otomotiv Sanayi AS (FROTO), Koc’s joint venture with Ford Motor Co. (F), is investing at least $1 billion until 2015 on new Transit and a smal van model, raising annual output capacity to 440,000 units, Milliyet quoted Cimen as saying. Tofas Turk Otomobil Fabrikasi AS (TOASO), Koc’s partnership with Fiat SpA (F), will increase its capacity to 400,000 units, Cimen said, according to Milliyet.
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