Multinational food processing and packaging company Tetra Pak recently invested $82 million to upgrade its packaging plant in the Turkish province of Izmir, allowing the plant to expand its production capacity.
The project will allow the plant to more than double its capacity to 10 billion packs and expand the scope of products it can produce, according to the Turkish government's investment website.
"Our customers in this region have introduced over 100 new products during the last three years," Amar Zahid, who has been appointed the vice president of Tetra Pak's Greater Middle East & Africa division, effective July 1, said. "With new machines in operation by January 2015, apart from the advantages of local supply such as faster lead time, we will also be able to provide customers with a wide range of packaging options for differentiation and improved functionality."
Tetra Pak has achieved annual growth of 10 percent in the Greater Middle East over the past decade, making it one of the company's best performing regions, according to the Turkish government.
The Izmir plant in Turkey has also become an export hub for Tetra Pak due to its geographic location, the availability of skilled labor and its success in terms of low waste ratios and high service levels.
- National Bank of Ukraine removes restrictions on foreign-currency transactions, investment metals
- Black Sea Trade & Development Bank visits Azerbaijan to boost business relationships
- VTB Bank finances three new planes for SunExpress airline
- National Bank of Ukraine makes it easier for businesses to invest abroad
- National Bank of Ukraine eases lending regulations for deposit guarantee funds to other banks
- Black Sea Trade and Development Bank, Russian Federal Corp. for SMEs support business growth
- Oleg Demidov named commercial director for Rosbank Factoring
- Eurasian Development Bank sells bonds on Kazakhstan Stock Exchange
- EY World Entrepreneur of the Year event to name world's top entrepreneur
- ACBA-CREDIT AGRICOLE, Microsoft parter for Armenian digital business technology seminar