Toyo Ink SC Holdings Purchases Land to Expand Business in Turkey
Monday, November 20, 2017
Toyo Printing Inks plans to use the land to build not only a new manufacturing facility for the upgrading and expansion of existing 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. The polymers manufactured in Manisa will be used to improve the quality and performance of Toyo Printing Inks' products, and to diversify its portfolio and markets. Construction of the new polymer plant 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 300 million Turkish lira by 2022.
“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 3 billion yen (approx. USD26.7 million) and will be carried out in phases over a period of five years. This investment reaffirms our commitment to providing long-term solutions tailored to the needs of the printing and packaging industries in Turkey and rapidly growing markets in the MENA region, with Manisa serving as the supply hub.”
Driven by the anticipation of strong demand in MENA, Central Asia and Eastern Europe, Toyo Ink SC Holdings 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. Looking ahead, the Toyo Ink Group will continue to focus on building on its strong local presence and expanding its product offerings to meet regional demand.