Production halts at factories
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Oluşturulma Tarihi: Ocak 03, 2009 00:00
ISTANBUL - The stagnation in external markets caused by the global financial crisis continues to impact Turkey’s economy.
Publicly traded companies Türk Traktör, and Otokar have joined the number of auto producers that announced their decisions to suspend production due to the contraction in the market.
Türk Traktör, a tractor producer that reported a 5.7 percent profit decline in the third quarter of the year, said it would suspend production next week, from Monday to Friday. Only 94 blue-collar personnel will continue to work next week. The rest of the blue-collar employees will receive only half of their base pay for the period.
Otokar, which makes buses and armored cars, will suspend production from Monday through Jan 11. In addition, Otokar will suspend production again between Jan. 26 to Feb.1. The personnel will use their paid annual leave, according to the company.
Other industries
Meanwhile, Edip İplik, a yarn factory located in Edirne, announced that it is terminating its textile operations. The company will continue to operate in real estate development and construction sector.
In a separate note, Componenta Dökümcülük, formerly known as Döktaş Dökümcülük, said it will layoff 425 people Monday. Componenta Dökümcülük sees no improvement in short and mid term local and international demand as well as production volume. Therefore the company decided to terminate employments of 425 people as of Monday, paying all related benefits, said the Componenta Döküm in a filing with Istanbul Stock Exchange.
The Group's principal activities are the manufacture, sale and distribution of iron products such as, gray cast iron, spherical cast iron, aluminum castings and light alloy wheels. The group exports its products mainly to Japan, France, Germany, United Kingdom, Spain, Sweden, Austria, Italy and Belgium.
Türk Traktör, a tractor producer that reported a 5.7 percent profit decline in the third quarter of the year, said it would suspend production next week, from Monday to Friday. Only 94 blue-collar personnel will continue to work next week. The rest of the blue-collar employees will receive only half of their base pay for the period.
Otokar, which makes buses and armored cars, will suspend production from Monday through Jan 11. In addition, Otokar will suspend production again between Jan. 26 to Feb.1. The personnel will use their paid annual leave, according to the company.
Other industries
Meanwhile, Edip İplik, a yarn factory located in Edirne, announced that it is terminating its textile operations. The company will continue to operate in real estate development and construction sector.
In a separate note, Componenta Dökümcülük, formerly known as Döktaş Dökümcülük, said it will layoff 425 people Monday. Componenta Dökümcülük sees no improvement in short and mid term local and international demand as well as production volume. Therefore the company decided to terminate employments of 425 people as of Monday, paying all related benefits, said the Componenta Döküm in a filing with Istanbul Stock Exchange.
The Group's principal activities are the manufacture, sale and distribution of iron products such as, gray cast iron, spherical cast iron, aluminum castings and light alloy wheels. The group exports its products mainly to Japan, France, Germany, United Kingdom, Spain, Sweden, Austria, Italy and Belgium.