ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Companies

Turkey plant shelved as Toyo Ink fears falling lira

Plans for Middle East and Central Asia hub delayed by 6 to 12 months

People shop at the Spice Bazaar in Istanbul. The sharp drop in the value of the local currency has prompted Toyo Ink to postpone plans to build a factory in Turkey.
Shoppers browse the Spice Bazaar in Istanbul. The sharp depreciation of the local currency has prompted Toyo Ink to postpone plans to build a factory in Turkey.   © Reuters

TOKYO -- Toyo Ink SC Holdings will postpone the construction of its Turkish plant, scheduled to start in the second half of 2018, by six months to a year because the lira's plunge raises the cost of procuring materials from abroad, Nikkei has learned.

The Japanese company had planned to build a facility for polymers used in making inks for the packaging of food and other products. Toyo Ink purchased roughly 62,000 sq. meters at an industrial park in Manisa Province in western Turkey and selected a construction company for the project. 

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more