Toyo Printing Inks purchases land to expand business in Turkey
Toyo Printing Inks Inc., a manufacturer of inks and coatings in Turkey, has decided to purchase approximately 62,000 sq. m. of land for the future expansion of its operations in western Turkey.
The new plot is located in the Manisa Industrial Zone, the same industrial park that is currently home to Toyo Printing Inks.
New production site for polymers
The company plans to use the land to build not only a new manufacturing facility for the upgrading of R&D and production facilities, but also to construct a new production site for polymers, a key material component in Group products, such as inks, coatings and adhesives. Construction is expected to begin in 2018 and be completed by late 2019, followed by further capacity increases to ink and coating production within three to five years. With the increased capacity, annual sales is estimated to reach EUR65.84 million by 2022.
Investment of EUR22.74 million
“Toyo Printing Inks has simply outgrown its current space” said Katsumi Kitagawa, CEO of the Toyo Ink Group. “We've reached the point where we need to invest in advanced manufacturing technology that will allow us to better serve our customers with greater flexibility and product mix capability. The proposed expansion is expected to take a total investment of approx. EUR22.74 million and will be carried out in phases over a period of five years.”
Strong demand in MENA
Driven by the anticipation of strong demand in Middle East & North Africa (MENA), Central Asia and Eastern Europe, Toyo Ink SC Holdings, the parent company of the Toyo Ink Group of companies, has steadily been increasing its operating foothold in Turkey as part of its growth strategy to expand its businesses throughout the region. The company established a liaison office in Istanbul in 2014, a sales company in the city one year later, and purchased Toyo Printing Inks (then Dyo Printing Inks) in 2016, marking the start of its manufacturing operation in the country.
