Toyo Printing Inks, a Turkey-based inks and coatings manufacturer and a unit of Toyo Ink, is expanding its operations in the country with an investment of $26.7m.
As part of this effort, the company purchased a 62,000m² plot of land in the Manisa Industrial Zone to build a manufacturing facility for the upgrade and expansion of existing R&D and production facilities.
As part of the five-year investment program, Toyo Printing Inks also plans to construct a new production site for polymers, which is said to be key material component in products such as inks, coatings and adhesives.
Toyo said that the polymers manufactured in Manisa will be used to improve its product’s quality and diversify its portfolio.
Toyo Ink Group CEO Katsumi Kitagawa said: “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.
“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.”
The firm said it plans to commence construction of the new polymer plant in 2018 and complete by late 2019 with additional ink and coating production capacity planned to be increased within three to five years.
By 2022, the increased capacity is expected to result in increased annual sales to TRY300m ($77.2m).
