Toyo Ink SC Holdings’ subsidiary Toyo Printing Inks is set to purchase nearly 62,000m2 of land at the Manisa Province in western Turkey to expand its operations.
Toyo Ink SC Holdings is the parent company of the Toyo Ink Group of companies.
The new plot is situated in the Manisa Industrial Zone, where the office of Toyo Printing Inks is also located.
Toyo Ink Group CEO Katsumi Kitagawa said: “We’ve reached the point where we need to invest in advanced manufacturing technology that will allow us to better serve our customers with greater flexibility and product mix capability.
“The proposed expansion is expected to take a total investment of JPY3bn (approximately $26.7m) and will be carried out in phases over a period of five years.
“This investment reaffirms our commitment to providing long-term solutions tailored to the needs of the printing and packaging industries in Turkey and rapidly growing markets in the Middle East North Africa (MENA) region, with Manisa serving as the supply hub.”
Toyo Printing Inks intends to use the new land to build a new manufacturing facility to expand and enhance the current R&D and production facilities.
The company also plans to construct a new polymer production facility that will supply inks, coatings and adhesives.
The construction of the plant is scheduled to begin next year, with completion expected in 2019.
Subsequently, the company also plans to increase ink and coating production gradually within three to five years.
Toyo Ink SC Holdings has been increasing its operating foothold in Turkey as part of its growth strategy to expand its businesses throughout the MENA region.
In 2014, the company established a liaison office in Istanbul followed by the opening of a sales company in the city in 2015.
Last year, the company acquired Toyo Printing Inks (formerly known as DYO Printing Inks) to start its manufacturing operations in Turkey.