Turkey, Economy

Turkish defense giants to grow in 2019

Aselsan, Turkish Aerospace expect to close year with annual growth

Yunus Turk   | 30.11.2019
Turkish defense giants to grow in 2019


Significant defense sector players in Turkey want to close the year with annual increases, their chairmen said Friday.

Haluk Gorgun, the head of the Turkish defense giant Aselsan, which reached $1.87 billion in revenues in 2018, will close 2019 with $2.9 billion in revenues.

"A significant amount of this revenue will come from exports, while the price per kilogram of the Turkish exports is around $1.5, Aselsan's price is $1,500 per kilogram," he said.

Aselsan is active in military and civil telecommunications, radar, electronic warfare, defense, weapons, command control and navigation systems.

Temel Kotil, general manager of the Turkish Aerospace of which the largest stakeholder is the Turkish Armed Forces Foundation, stressed it will grow 43% in 2019 on an annual basis.

The firm will close 2019 with $2.3 billion in revenues and wants to enter the top 10 defense firms in the world, he added.

The Turkish Aerospace was established in 1973 under the auspices of the Industry and Technology Ministry to reduce foreign dependency of Turkey in the defense industry.

The company produces unmanned aerial vehicles, communication satellite, planes, helicopters and components, and works on modernizing projects.

*Writing and contributions by Gokhan Ergocun

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