Kastamonu Entegre pushes ahead with investments despite global crisis
Nov 28, 2008. /Lesprom.com/. Turkish timber processing firm Kastamonu Entegre has no plans to scale back its investment and expansion plans, it has been revealed.
Nov 28, 2008. /Lesprom.com/. Turkish timber processing firm Kastamonu Entegre has no plans to scale back its investment and expansion plans, it has been revealed, newspaper Today's Zaman reported.
Haluk Yilidiz stated that the firm has not been daunted by the current slowdown in the world economy. The firm's first move abroad occurred in 1998 when it acquired SC Prolemn, a Romanian timber processing firm, for $100 million.
Mr Yilidiz added that not only is Kastamonu Entegre committed to this and subsequent purchases, it will continue to expand. The firm recently purchased a bankrupt US MDF plant and already has plans for it, "we are moving the whole plant to Romania", he said. Part of the driving force behind the company's growth plans is to mitigate the high cost of timber in Turkey, Mr Yilidiz added.
Recently, the Daily Telegraph reported that Romanian forests are also attracting interest of a different kind. According to the newspaper, the nation's wooded areas are an increasing draw for tourists.