Turkish Aerospace Industries Inc., an aircraft parts maker whose customers include Airbus Group NV (AIR) and Boeing Co. (BA), plans to sell a 25 percent stake in an initial public offering in February to raise money for investment. <\/p>\n
TAI, which provides fuselage and wing parts for Airbus A400M military transport planes, will use financial results at the end of September to help set a price for the shares after postponing earlier IPO plans, Muharrem Dortkasli, chief executive officer of the Ankara-based company, said in an interview at an airshow in Istanbul today. <\/p>\n
Turk Havacilik & Uzay Sanayii AS, as the state-owned company is known in Turkish, hired JPMorgan Chase & Co. (JPM) and Istanbul-based brokers Is Yatirim Menkul Degerler AS (ISMEN) to prepare an IPO last year and then delayed a sale after volatility hit Turkeys financial markets in December, Dortkasli said. The lira depreciated to all-time lows against the dollar amid a corruption probe involving the government. <\/p>\n
We still want the IPO and we want to use the proceeds in new investments, Dortkasli said. We are not doing it for urgent need of cash. <\/p>\n
TAI is 55 percent-owned by the Turkish Armed Forces Foundation and 45 percent by the Undersecretariat for Defense Industries, two state entities. <\/p>\n
TAIs revenue will probably rise to more than $1 billion this year from $913 million in 2013, Dortkasli said. About half of its sales are exports, he said. The company makes fuselage, wing and tail parts for Airbus and Boeing, and parts for military aircraft and helicopters as well as drones and satellites, he said. <\/p>\n
To contact the reporter on this story: Ercan Ersoy in Istanbul at eersoy@bloomberg.net<\/a> <\/p>\n To contact the editors responsible for this story: Benedikt Kammel at bkammel@bloomberg.net<\/a> Robert Valpuesta, Christopher Jasper <\/p>\n Press spacebar to pause and continue. Press esc to stop.<\/p>\n <\/p>\n Link: <\/p>\n Turkish Aerospace to Sell 25% Stake in February IPO<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Turkish Aerospace Industries Inc., an aircraft parts maker whose customers include Airbus Group NV (AIR) and Boeing Co. (BA), plans to sell a 25 percent stake in an initial public offering in February to raise money for investment. TAI, which provides fuselage and wing parts for Airbus A400M military transport planes, will use financial results at the end of September to help set a price for the shares after postponing earlier IPO plans, Muharrem Dortkasli, chief executive officer of the Ankara-based company, said in an interview at an airshow in Istanbul today. Continue reading