430 Million Dollars Investment from Hyosung to Çerkezköy
Hyosung Corporation, operating in various fields including chemical industry, industrial machinery, informatics, trade and construction, announced that it will invest 430 million dollars in order to increase capacity in its textile production facilities in Çerkezköy, Tekirdağ.
Hyosung Corporation, which employs more than 350 people in its facility in Çerkezköy, decided to expand this facility. The company, one of the leading groups of South Korea, announced that it will make a new investment in Tekirdağ-Çerkezköy.
Cho Hyun-joon, Chairman of the Board of Hyosung, announced the new investment decision of 430 million TL. Cho Hyun-joon announced that they will make this investment to double the size of the spandex production facility with an annual production capacity of 15,000 tons by July next year. Once the expansion is completed, the production capacity of the spandex plant in Turkey will be expanded to about 40,000 tons. The expansion is based on Chairman Cho Hyun-joon judgment that the company needs to make a preemptive investment as the global clothing market is recovering in earnest, especially in the European and Turkey market.
In particular, the European market has been suffering from inventory shortages due to a continued shutdown caused by the Covid-19 crisis. Hyosung expects the expansion to meet the recovering global textile demand.”We need to strengthen our dominance in the European premium market, focusing on Turkey, which is the production base for European customers, to solidify our position as the undisputed No. 1 in the world by widening the gap with our competitors,” Chairman Cho Hyun-joon expressed.
One of Turkey’s most important production centers
Hyosung Corporation, one of South Korea’s large holdings, was founded in 1966. The company currently has a turnover of 17 billion dollars. South Korean company, which is started its first operating in Turkey in 1991 with Hyosung Creora, took investment decisions in 2008 in Çerkezköy. The factory established by the company on a total area of 87 thousand square meters, 23 thousand of which is closed, mostly worked for the European Union countries. The company has now become one of Turkey’s most important textile production centers.
