29 May 2010 / YAŞAR NIYAZBAYEV, MOSCOW
Vestel, Turkey’s leading producer of home appliances, has started manufacturing LCD TVs in their Russian plant. Vestel’s Russian division, Vestel CIS, in the Alexandrov quarter 100 kilometers outside Moscow, expects to produce 400,000 LCD TVs annually; this number is planned to increase to 750,000 in three years. Having invested $100 million since entering the Russian market in 2003, Vestel plans to make an additional investment of $15 million in manufacturing the TVs.
Speaking to reporters on Friday at a ceremony to mark the inauguration of LCD TV production, Vestel’s Enis Turan Erdoğan said they had maintained their faith in the Russian market and expected to eventually bring a Vestel product to all Russian households. Vestel also produces washing machines in its Russian plant. As Russia has managed to overcome the negative impacts of the 2009 global financial credit crunch, he said the company expected to strengthen their position in this promising market.
Also speaking at the meeting, Vestel CIS General Manager Ali Tunç said the company had made remarkable gains in popularity in the Russian market in the past seven years and underline their commitment to increasing their investments in the country.
