15 Nisan 2011 Cuma

Turkish electricity firm switches on global plans

Viko, a leading Turkish manufacturer of switches, electrical sockets, fuse boxes and electricity meters, is currently eying a place in global markets through acquisitions and an initial public offer, or IPO.

Viko plans to offer 25 percent of its shares to the public over the next two years, Cahit Durmaz, chief executive of the company, told the Hürriyet Daily News & Economic Review at a press meeting Wednesday.
The firm, this year enjoying its 30th birthday, represents 50 percent of the Turkish electricity kit market, Durmaz said.

“We expect to earn total of nearly $100 million from the initial public offering we are planning.”
Regarding the firm’s acquisition plans, Durmaz said Viko aims to be a world leader rather than a local player. “We are still in search of the right firm to buy in Europe and most probably it will be either in Germany or Belgium,” he said.

“We estimate a total investment of $250 million over the next ten years,” he said, adding that nearly a $100 million of that sum was earmarked for acquiring a foreign firm in 2011.

“Viko aims to reach a total revenue of 1 billion Turkish Liras over the next 10 years,” Durmaz said, adding that the total revenue of the firm reached 175 million liras in 2010. Viko already exports nearly 50 percent of its production to 66 countries, he said. “Viko aims to be among the top 10 electricity products manufacturing firms in next ten years.”

Nusret Kayhan Apaydın, general manager of the firm, said Viko expects to grow by 38 percent and reach a total revenue of 240 million liras. Domestic sales are anticipated to increase by 28 percent and foreign sales by 45 percent in 2011, according to Apaydın.

Apart from Turkey, Viko is a market leader in Angola, Georgia, Kazakhstan, Kyrgyzstan, Kosovo, Uzbekistan and Ukraine, he said. “The total number of the countries we export to will rise to 75 next year.”
The firm has also become an important player in the electronics market in Russia and Iran, according to Apaydın. “Acting with team spirit in the course of realizing our vision, Viko has united its technological power in the processes of design, production and the offering of solutions that will facilitate human life with dynamism and continuous development in electronics.”

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