Turkey: Giant Textile Company Put on Sale by TMSF

In spite of the positive indications signalled by the Turkish economy, some giant companies (mainly textile) have been going through major difficulties for quite a while.

Among these companies is Nergis Textile which was founded in 1978 in order to meet Turkey’s quality polyester yarn and fabric needs.

Turkey’s Savings Deposit Insurance Fund (TMSF) put on Saturday a giant textile company on sale. TMSF opened a tender for sale of Nergis Textile, and the tender invitation was published on the Official Gazette.

The estimated price of  Bursa-based Nergis textile company is 85 million USD.

Companies or consortia interested in the tender have to hand out necessary documents to the Sale Committee until October 5.

The tender will take place at TMSF’s office in Istanbul on October 6.

It is a known fact that the tough competition from China has put many companies in many countries (to include Turkey) out of business.

Thanks to its design capability the Turkish textile sector has been restructured accordingly and overcome said difficulty by large.

18 September 2011
SOURCE: CUMHURIYET.COM.TR