DENSO Invests in Turkish Manufacturer of Air-conditioners and Refrigerator Systems
– Expanding its air-conditioner and refrigerator business in Europe –
KARIYA (Japan) – DENSO Corporation today announced that it acquired a 50 percent stake in DJ COOL Corporation, a Turkish company that designs, manufactures, and sells air-conditioning systems for bus and tractors and refrigerator systems, on October 14, 2014. DJ COOL was established in Turkey by Abdul Latif Jameel Co., Ltd. (ALJ), a major automotive distributor in the Middle East region. DENSO and ALJ had already established a joint venture, DENSO Abdul Latif Jameel, to manufacture and sell car air conditioning systems in Saudi Arabia in 2001.
When established by ALJ in November 2013, DJ COOL took over the “Climart” brand products of air-conditioner system for bus and tractors and refrigerator systems from a Turkish local manufacturer, and has been promoting business by utilizing the network of the Climart brand.
Turkey is largest manufacturer of buses toward the European market, producing approximately 13,000 large and midi bus a year for its domestic market and for exports to the European bus market. It is expected that the bus air-conditioning system market will continue its growth in Turkey. With this investment in DJ COOL, DENSO will enter the Turkish market for bus and tractor air-conditioner and refrigerator system and expand its business.
DENSO established DENSO OTOMOTIV PARCALARI SANAYI A.S. in Turkey in 2002 to manufacture car air-conditioners, heaters, and other devices. DJ COOL is DENSO’s second manufacturing base in Turkey.
Profile of DJ-COOL Corporation
|1. Name||DJ COOL KLİMA VE SOĞUTMA CİHAZLARI SANAYİ TİCARET A.Ş.|
|2. Location||Izmir City, Republic of Turkey|
|3. General Manager||Burak Beser|
|4. Capital||5 million Turkish lira (approximately US$2.3 million)|
|5. Ownership||50% owned by DENSO INTERNATIONAL ASIA PTE. LTD., 50%
by ALJ Holdings (Regional affiliate of ALJ Group in Turkey)
|6. Sales||35 million Turkish lira (approximately US$15.8 million projected for FY2018)|
|7. Establishment||Nov 2013|
|8. Employees||100 (projected for FY2018)|
|9. Business description||Design, manufacturing, and sales of air-conditioning systems used in special purpose vehicles (buses, farming, and construction machines) and refrigerator systems|
*Exchange rate used is 2.21 Turkish lira to the US one dollar, at the end of November 2014 for convenience only.
Reference: Profile of Abdul Latif Jameel Co., Ltd.
|1. Name||Abdul Latif Jameel Co., Ltd.|
|2. President||Mohammed Abdul Latif Jameel|
|3. Business description||Distribution of motor vehicles and other equipment|
DENSO Corporation, headquartered in Kariya, Aichi prefecture, Japan, is a leading global automotive supplier of advanced technology, systems and components in the areas of thermal, powertrain control, electronics and information and safety. Its customers include all the world’s major carmakers. Worldwide, the company has more than 200 subsidiaries and affiliates in 38 countries and regions (including Japan) and employs nearly 140,000 people. Consolidated global sales for the fiscal year ending March 31, 2014, totaled US$39.8 billion. Last fiscal year, DENSO spent 9.0 percent of its global consolidated sales on research and development. DENSO common stock is traded on the Tokyo and Nagoya stock exchanges. For more information, go to www.globaldenso.com, or visit our media website at www.densomediacenter.com