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Turkey's Sasa to invest $330 mln in new fiber production plant

Turkey's Sasa to invest $330 mln in new fiber production plant Source: Pixabay

ANKARA (Turkey), March 22 (SeeNews) - Turkey's specialty polymers and chemicals manufacturer Sasa Polyester Sanayi AS [IST:SASA] said on Monday that it decided to invest an estimated $330 million (276.7 million euro) in the construction of a new fiber production plant.

The investment is planned to be commissioned in the fourth quarter of 2023 and its annual contribution to the company's turnover is forecast at around $550 million, Sasa said in a bourse filing.

The plant is expected to produce 367,500 tonnes of fiber per year, the company added.

Sasa's consolidated net profit dropped to 312.2 million lira ($39.4 million/33.1 million euro) in 2020, compared with 1.1 billion lira in 2019, mainly due to higher cost of sales, the company's most recent financial statement showed.

Sasa has been operating in the polyester sector since 1966. The company produces polyester staple fibers, filament yarns, polyester-based and specialty polymers and intermediates (DMT).

($ = 0.838766 euro)

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