Toyo Ink SC Holdings has established the wholly-owned subsidiary Toyo Ink Turkey Kimya Sanayi A.Ş. in Istanbul, Turkey.
The office was officially opened on January 12, 2015 with a paid-in capital of 6.38 million Turkish liras (US$2.60 million).
The company says Turkey is a land that has flourished from long ago in its historical role as the crossroads of civilizations and as a geographically strategic base straddling both Europe and Asia.
Recently, the country has also been attracting attention as a commercial hub, including the North African region, due to the growth of emerging nations and changes in the global economic environment.
The Toyo Ink Group expects the region to turn into an industrial center for its core competency markets as commercial printing, food packaging, automobile and electronics.
The new subsidiary will begin the import and sales of Toyo Ink Group products in its inaugural fiscal year.
In the future, the company plans to evolve the business with the aim of setting up a local manufacturing base as a regional operational hub.
Under its medium-term management SCC-III Evolution Plan, which started in April 2014, the Toyo Ink Group aims to raise its overseas sales ratio to 50%.
Moreover, for the sustainable growth of the Group beyond 2017 and its next long-term vision, the Group will further heighten this targeted value while carefully selecting which overseas ventures to invest in actively.
The Toyo Ink Group first set up a representative office in the country in March 2014 to conduct research on the Turkey market.
Having recently achieved some positive results, it then took a step forward with the establishment of the Istanbul office.
