Kastamonu: against all rumors the company will continue its activity in Russia

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Kastamonu/Fordaq
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On November 24, the Russian Su-24, an all-weather attack aircraft, was shot down by Turkish F-16s in the Turkey-Syria border area. After this incident the Russian-Turkish relationship significantly deteriorated. Based on the incident, rumors started to spread like wildfire. However, not everything media had reported proved to be true. 

About a week ago, a number of Russian mass media reported that the realization of Kastamonu’s woodworking plant investment project had been suspended due to the new turn of events. Allegedly, one of the reasons mentioned was the amount of the Turkish manpower involved in the project. 

The company immediately reacted, and here's how CEO of Kastamonu Entegre Mr. Haluk Yildiz commented on the situation: 

"There is some news reported on some Internet websites, that our company suspended its investments on particle board plant in Kaluga Region of Russian Federation.

There is no decision of activity termination reported to our company from Russian Federation authorities and there is no decision about suspension of our existing investments by our company. Our investments in Russia are not short-term and cyclical and they are all based on long-term, long lasting, mutual benefit and cooperation relationships.

Also, it is planned to start the Kaluga Particle Board investment project after 2017. Therefore, now the process continues with the project, survey study and permissions. In this case, there is no obligation to take any action within a short term for this long-term project.  

Moreover, the manufacturing and sales activities of MDF plant of our company operating in SEZ region, Alabuga, Tatarstan continue. The installation process of our second MDF investment on the same field still continues and it is planned to be active in March, 2016. In the investment area, Russian and Turkish contractors continue working.

Our company acts with the principle of “contributing to local employment and empowerment” in our country as well as in every other country abroad in which we make investments and this principle is known by local authorities of the country in which we have made an investment.

We believe that cultural, sociological, economic and friendly relationships between our country and Russian Federation that we have carried from past to the present time will also continue in the future exactly the same way as it was yesterday".

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