ERJ staff report (DS)
Istanbul, Tuirkey -- Iin announcing its annual results for 2010, Turkish tyre maker BRISA has announced investments of $285 million over four years. The investments wil largely be spent on maintenance and upgrades at the company factory in Izmit, Turkey.
Sales for the 12 months to December 2010 reached TL 980 million (euro 433 million) up from TL 776 million a year earlier.
Earnings (EBITDA) grew to TL 123.3 million (euro 54.5 million) from TL 104 million.
BRISA said domestic sales of Winter tyres increased 20 percent in 2010, reaching over 1 million units. In the same period conventional tyre volume increased by 15 perent
BRISA said it intends to invest US$285 million in the period from 2010 to 2014, an annual rate of roughly 5 percent of sales.
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Press release from BRISA (Turkish language)
Above Press release translated into English from Turkish