Post by Dèsîŗĕ Yèarning on Apr 10, 2010 11:42:13 GMT -5
www.hurriyetdailynews.com/n.php?n=turkish-tv-giant-eyes-to-conquer-europe-2010-04-09
Turkish TV giant looks to conquer Europe
Friday, April 9, 2010
ERCAN ERSOY
ISTANBUL - Bloomberg
Ahmet Nazif Zorlu’s companies make TVs and appliances, including washing machines and fridges for more than 300 international brands, such as Hitachi and Sanyo. Hürriyet photo
Ahmet Nazif Zorlu’s companies make TVs and appliances, including washing machines and fridges for more than 300 international brands, such as Hitachi and Sanyo. Hürriyet photo
Vestel Elektronik, Turkey’s largest television maker, will grow the share of the LCD televisions produced for sale in Europe to 18 percent of sales this year, the chairman of the company’s parent group said Thursday.
The company plans to increase the figure, which was 14 percent in 2009, by opening new outlets, said Ahmet Nazif Zorlu, chairman of the Zorlu Group.
Vestel Elektronik and Vestel Beyaz Eşya, which are both owned by the Istanbul-based group, will expand exports this year from $2.2 billion to as much as $3 billion, Zorlu said in Istanbul on Thursday.
Vestel sales grew 20 percent in the first quarter, he said.
“We are opening direct sales shops in Italy, France, the Benelux countries and Britain for Vestel products,” Zorlu said. In televisions “we want to increase our market share to 20 percent in 2011,” he said.
Sales from Vestel Elektronik and Vestel Beyaz Eşya rose 20 percent in the first quarter of this year, he said.
Zorlu’s companies make TVs and appliances, including washing machines and fridges for more than 300 international brands such as Hitachi and Sanyo.
Vestel Elektronik is worth 886 million Turkish Liras and Vestel Beyaz 840 million liras, according to the companies’ share price as of Friday.
Zorlu, who sold Denizbank to Dexia for $2.4 billion in 2006, was the 11th richest man in Turkey last year, according to Forbes magazine.
His group is targeting total sales, especially in energy, textiles and real estate, of $6 billion this year, up from $5 billion in 2009. The main driver of this rise is Vestel, Zorlu said, adding that sales will probably reach $8 billion in 2012.
The electronics division aims to increase the exports of LCD television sets by 40 percent this year to 8.5 million units, or roughly $1 billion, Deputy Chief Executive Officer Turan Erdoğan said on Jan. 5.
“We may think of having some strategic partners in Vestel companies if the right partners come along,” Zorlu said. “We are open to all such partnerships.”
Seeking a partner in energy
Zorlu’s energy group, whose power producer Zorlu Enerji trades on the Istanbul Stock Exchange, will increase its share in the holding’s total sales from 10 percent in 2009 to 15 percent this year, Zorlu said.
“Vestel’s share will fall from 75 to 70 percent as the contribution from energy and textiles increases,” he said.
“We want to have an international partner in our energy group after it has reached a certain level of maturity,” Zorlu said. “But we are not there yet as it’s still a growing baby.”
Zorlu Enerji, which has about 680 megawatts of power capacity in Turkey, will commission an 800-megawatt, gas-fired power plant in Israel and the first stage of a 680 megawatt plant in Russia this year, he said. “Energy will be our major business line after Vestel.”
The company is seeking $1.6 billion from banks to finance the plants in Israel, Russia and Pakistan, where a 50-megawatt wind plant is being built, he said.
Zorlu Enerji is in loan talks with Turkish banks, including Akbank and Garanti Bank, as well as the World Bank’s International Finance Corp. and the European Bank for Reconstruction and Development, Zorlu Enerji Deputy Chief Executive Officer Gökmen Topuz said in an interview on April 2.
The chairman said the company may bid on the government’s electricity distribution grid auctions that include the Istanbul and İzmir regions this year. “But we want to be very cautious on this because banks are reluctant to finance grid investments.”
Zorlu Holding’s real estate unit is currently building a complex of luxury houses, hotels and shopping malls in Istanbul’s Zincirlikuyu neighborhood overlooking the Bosphorus waterway, he said.
“We will start selling the houses this year and we are in talks with some international hoteliers,” he said. The unit will also build a $300 million office complex in the main business district of the city with construction starting this year, he said.
Turkish TV giant looks to conquer Europe
Friday, April 9, 2010
ERCAN ERSOY
ISTANBUL - Bloomberg
Ahmet Nazif Zorlu’s companies make TVs and appliances, including washing machines and fridges for more than 300 international brands, such as Hitachi and Sanyo. Hürriyet photo
Ahmet Nazif Zorlu’s companies make TVs and appliances, including washing machines and fridges for more than 300 international brands, such as Hitachi and Sanyo. Hürriyet photo
Vestel Elektronik, Turkey’s largest television maker, will grow the share of the LCD televisions produced for sale in Europe to 18 percent of sales this year, the chairman of the company’s parent group said Thursday.
The company plans to increase the figure, which was 14 percent in 2009, by opening new outlets, said Ahmet Nazif Zorlu, chairman of the Zorlu Group.
Vestel Elektronik and Vestel Beyaz Eşya, which are both owned by the Istanbul-based group, will expand exports this year from $2.2 billion to as much as $3 billion, Zorlu said in Istanbul on Thursday.
Vestel sales grew 20 percent in the first quarter, he said.
“We are opening direct sales shops in Italy, France, the Benelux countries and Britain for Vestel products,” Zorlu said. In televisions “we want to increase our market share to 20 percent in 2011,” he said.
Sales from Vestel Elektronik and Vestel Beyaz Eşya rose 20 percent in the first quarter of this year, he said.
Zorlu’s companies make TVs and appliances, including washing machines and fridges for more than 300 international brands such as Hitachi and Sanyo.
Vestel Elektronik is worth 886 million Turkish Liras and Vestel Beyaz 840 million liras, according to the companies’ share price as of Friday.
Zorlu, who sold Denizbank to Dexia for $2.4 billion in 2006, was the 11th richest man in Turkey last year, according to Forbes magazine.
His group is targeting total sales, especially in energy, textiles and real estate, of $6 billion this year, up from $5 billion in 2009. The main driver of this rise is Vestel, Zorlu said, adding that sales will probably reach $8 billion in 2012.
The electronics division aims to increase the exports of LCD television sets by 40 percent this year to 8.5 million units, or roughly $1 billion, Deputy Chief Executive Officer Turan Erdoğan said on Jan. 5.
“We may think of having some strategic partners in Vestel companies if the right partners come along,” Zorlu said. “We are open to all such partnerships.”
Seeking a partner in energy
Zorlu’s energy group, whose power producer Zorlu Enerji trades on the Istanbul Stock Exchange, will increase its share in the holding’s total sales from 10 percent in 2009 to 15 percent this year, Zorlu said.
“Vestel’s share will fall from 75 to 70 percent as the contribution from energy and textiles increases,” he said.
“We want to have an international partner in our energy group after it has reached a certain level of maturity,” Zorlu said. “But we are not there yet as it’s still a growing baby.”
Zorlu Enerji, which has about 680 megawatts of power capacity in Turkey, will commission an 800-megawatt, gas-fired power plant in Israel and the first stage of a 680 megawatt plant in Russia this year, he said. “Energy will be our major business line after Vestel.”
The company is seeking $1.6 billion from banks to finance the plants in Israel, Russia and Pakistan, where a 50-megawatt wind plant is being built, he said.
Zorlu Enerji is in loan talks with Turkish banks, including Akbank and Garanti Bank, as well as the World Bank’s International Finance Corp. and the European Bank for Reconstruction and Development, Zorlu Enerji Deputy Chief Executive Officer Gökmen Topuz said in an interview on April 2.
The chairman said the company may bid on the government’s electricity distribution grid auctions that include the Istanbul and İzmir regions this year. “But we want to be very cautious on this because banks are reluctant to finance grid investments.”
Zorlu Holding’s real estate unit is currently building a complex of luxury houses, hotels and shopping malls in Istanbul’s Zincirlikuyu neighborhood overlooking the Bosphorus waterway, he said.
“We will start selling the houses this year and we are in talks with some international hoteliers,” he said. The unit will also build a $300 million office complex in the main business district of the city with construction starting this year, he said.