Turkey-based panel manufacturer Kastamonu Entegre has issued a statement defending its business operations in Russia following rumours that all investment activities will be suspended.
“There is no decision to terminate any activity or suspend existing investments in the Russian Federation,” said Haluk Yildiz, CEO of Kastamonu Entegre, in a press release. “All our investments are for the long-term and based on mutual benefit and cooperation.”
The company has an MDF plant in Alabuga, a SEZ region in the Republic of Tatarstan. Installation for the second MDF project is ongoing and will be ready by March next year. Another particleboard plant in Kaluga is also underway; start-up is planned for 2017.
The rumours come in the wake of a rocky Russian-Turkish relationship after a Russian Su-24 was shot down by Turkish military in the Turkey-Syria border area on November 24.
“We believe that friendly relations between our country and the Russian Federation today will continue into the future in exactly the same way as it was yesterday,” added Mr Yildiz.
Source: Kastamonu Entegre/ Panels & Furniture Asia