Plastic compounds and resins supplier A. Schulman is planning to set up a new masterbatch production plant in Turkey.
The proposed facility will see a €7m investment and is expected to become operational by the end of the 2016 fiscal year.
When completely operational, the masterbatch production plant will produce close to 40 million pounds of the company's additive, white, and breathable masterbatches for food and industrial packaging customers in Turkey and other fast-growing countries in the Middle East and North Africa.
A Schulman EMEA vice-president and general manager Heinrich Lingnau said: "By establishing this production plant in Turkey, we simultaneously achieve several strategic priorities.
"First, through this timely investment, we will be ideally positioned to participate more fully in the accelerating growth occurring throughout Turkey and other countries in the Middle East and North Africa. Likewise, it creates a strategic platform from which we can increase our share in this fast-growing market."
With the new plant, the company will be able to improve service times and utilise capacity in Northern Europe in a more efficient manner as it currently serves its customers in Turkey from plants in Northern Europe.
A Schulman EMEA masterbatch solutions business director Frank Roederer said: "We believe the highly skilled labour force in the Istanbul area, as well as the underlying cultural fit we find in Turkey, will provide us with a strong competitive advantage over the long term."
A Schulman employs around 3,900 people across its 42 manufacturing facilities worldwide. The company generated around $2.5bn in net sales for the fiscal year ended 31 August 2014.
Image: The Masterbatch production plant will produce the company's additive, white and breathable masterbatches for food and industrial packaging customers in Turkey. Photo: courtesy of Mister GC via freedigitalphotos.