Şişecam Announces Major Investment

Şişecam, founder of Turkey's glass industry and a continuous investor in the sector's growth, exports and development, announces another investment. Operating 8 flat glass and 1 frosted glass lines across 4 different locations in Turkey in the flat glass segment, Şişecam will construct a second frosted glass furnace and processing line on the same site as its new flat glass line currently under construction in Mersin, with an investment value of approximately TRY 3.4 billion (EUR 185 million), including working capital. With this greenfield investment, Şişecam aims to contribute to the growth of the solar control glass market while addressing potential supply gaps in the sector. Additionally, Şişecam targets strengthening its leadership position in Turkey's rapidly growing solar control glass market, capitalizing on export opportunities and further reinforcing its competitive position. Şişecam Board Chairman and Authorized Member Prof. Dr. Ahmet Kırman made the following statement: "Today, our company operates production facilities in 45 plants across 14 countries on 4 continents, employs approximately 24,000 people and delivers value-added products to more than 150 countries. Despite the extraordinary conditions of the period, we continue to create value for Turkey. Against rising energy costs, the declining cost of electricity production from solar energy and increasing global sustainability concerns present new opportunities in the frosted glass and solar control glass sectors. Within our priority of meeting Turkey's glass demand most effectively and creating value for our economy, we have decided to invest in a new frosted glass furnace and processing line on the same site as our new flat glass line currently underway in Mersin, in order to capitalize on opportunities emerging in the rapidly growing solar energy sector in the world and Turkey. We believe this investment will contribute to Şişecam's strategy of producing sustainability-focused value-added products and to the country's economy. Once the investment reaches full capacity, it will generate annual sales revenue of EUR 120 million, direct approximately 30 percent of sales volume to export markets and create over 180 additional jobs." As the sole producer of frosted glass in Turkey and a global player in the glass and chemicals sector serving both architectural frosted glass and solar control glass segments, Şişecam adds another value-creating investment to Turkey. Operating 8 flat glass and 1 frosted glass lines across 4 different locations in Turkey, Şişecam is preparing to construct a frosted glass furnace with a daily capacity of 600 tons and a solar control glass processing line with an annual capacity of 20 million square meters in Tarsus Organized Industrial Zone, with an investment of approximately TRY 3.4 billion (EUR 185 million), including working capital. With this new investment, Şişecam aims to address potential supply gaps in the solar control glass sector and contribute to the country's economy by capitalizing on export opportunities. Stating that Şişecam, the founder of Turkey's glass industry, will continue its investments without interruption that create sustainable value for all stakeholders and support the growth and exports of the sectors to which it contributes, Şişecam Board Chairman and Authorized Member Prof. Dr. Ahmet Kırman continued his remarks as follows: "Throughout its more than 87-year history, Şişecam continues to create value for Turkey despite extraordinary conditions. We are advancing toward our strong global objectives through new investment initiatives in line with our sustainable growth focus across different business segments. In doing so, we monitor trends worldwide and closely follow new investment opportunities. Against rising energy costs, the declining cost of electricity production from solar energy and increasing global sustainability concerns are creating new opportunities in the frosted glass and solar control glass sectors. Within our priority of meeting Turkey's glass demand most effectively and creating value for our economy, we have decided to invest in a new frosted glass line and processing line in Mersin, capitalizing on opportunities emerging in the rapidly growing solar energy sector in the world and Turkey. We believe this investment will also contribute to Şişecam's strategy of producing sustainability-focused value-added products." Noting that awareness of carbon emissions among consumers and country governments, influenced by the climate crisis, has made the transition to renewable sources the priority issue in the energy sector, one of the sectors generating the highest carbon emissions, Kırman continued his remarks as follows: "With the disruption of supply and demand balance in energy, rapidly increasing natural gas, electricity and fuel prices have increased demand for renewable energy sources, which have lower costs compared to fossil fuels. These developments are highlighting solar energy as the most practical solution for electricity generation. In Turkey, the solar control glass market demand, which was 8 million square meters in 2018, is expected to increase approximately three-fold to 23 million square meters in 2022. We wanted to transform this opportunity emerging in the sector into value for Turkey. Currently, while 64 percent of market demand is met through imports, the remaining 36 percent is supplied by Şişecam as the sole local producer in Turkey. Through our investment in the new furnace and processing line, we aim not only to meet rising demand but also to reduce the import ratio in the sector and capitalize on export opportunities." he said.