Turkish defense firm Aselsan inks 502 million lira deal

ANKARA

Aselsan, Turkey’s largest defense company, has announced that it signed an agreement with a value of 502 million Turkish Liras ($95 million) with the Presidency of Defense Industries regarding security systems.

“Within the context of the agreement, the deliveries will be completed until 2020,” Aselsan said Dec. 25 in a filing to Borsa Istanbul.

Aselsan also disclosed to the stock exchange that an agreement signed with the Presidency of Defense Industries in August valuing 900 million liras and $430 million has been assigned to Aselsan and Turkish Aerospace Industries Inc. (TAI) Business Partnership.

“The agreement will be executed as a cost plus profit model and within the context of the agreement, Aselsan business share is estimated to be 38 percent,” the defense company said, adding that all deliveries including warranty period will be completed until 2027.

Aselsan’s 2017 income was $1.4 billion, up from $1.2 billion in the previous year. It is active in military and civil telecommunications, radar, electronic warfare, defense, weapons, command control and navigation systems.