Turkey’s Akkök to pour $1billion in carbon fiber

ISTANBUL - Reuters

The manufacturing facility of Akkim, the chemical company of Akkök Group, located in southern Marmara province of Yalova is seen. Company photo

Turkish Akkök Group, which focuses on chemicals, energy, textiles and real estate development, has grew 7 percent last year and have eyes on more with its rising investments in new sectors including carbon fiber trade.

Akkök Group had $3.1 billion in turnover and a net profit of $409 million.

“Akkök Group made a $480 million investment last year and plans to make $565 million in 2013 to continue to grow,” said Ahmet Dördüncü, Akkök Group’s CEO.

The group plans to continue electricity production through Akenerji and to invest $1 billion in its activities in carbon fiber over the next five years.

Aksa Acrylic Chemicals, the chemical company of Akkök Group, formed a joint venture with the Dow Chemical Company to manufacture and commercialize carbon fiber and derivatives. The new company is named DowAksa.

DowAksa, RUSNANO and Holding Company Composite (HCC) signed on January 2013 a memorandum of intent (MOI) to develop a comprehensive strategy to launch production of carbon fiber intermediates, composite materials and solutions in Russia.

The parties have agreed to explore opportunities in the areas of aerospace, infrastructure, energy, oil and gas, and transportation, as well as to explore supplying both the Russian domestic and global markets.