Turkey: Italian pharmaceutical company starts building USD 50 million production facility
Turkey: Italian pharmaceutical company starts building USD 50 million production facility
Italian pharmaceutical company Recordati has broken ground for its USD 50 million production facility in the Cerkezkoy Organized Industrial Zone in Tekirdag province in northwestern Turkey.
Slated to reach operational capacity by early 2016, the plant will manufacture drugs for various therapeutic uses, in particular, cardiovascular and urogenital diseases, creating 130 new jobs.
Expressing appreciation for the assistance provided by the Investment Support and Promotion Agency of Turkey (ISPAT) during the implementation of the project, Arnaldo Restelli, Recordati’s Vice President & Regional Director of South -East Europe & North Africa -Middle East regions, said that the Cerkezkoy plant underlined the significance of Turkey in the Recordati Group’s expansion strategy. “We consider our Turkish subsidiary as a key factor in the Recordati Group’s future growth”, he noted.
Also speaking at the groundbreaking ceremony, the Vice President of ISPAT, Arda Ermut, said that Recordati’s decision signified strong investor confidence in Turkey. “Recordati’s selection of our country for its new manufacturing plant brings Turkey’s investment opportunities to the attention of other international investors”, he said.
Recordati entered the Turkish pharmaceuticals market with the acquisition of local company Yeni Ilac in 2008. The Italian company continued to grow in Turkey by taking over another local pharmaceutical company, Dr. F. Frik, in 2011. The company currently employs a total of 656 people in Turkey.
