Turkey’s Aviation Ambitions Soar With $20B Rolls-Royce, Airbus Agreement: Report – Rolls-Royce Hldgs (OTC:RYCEF), Airbus (OTC:EADSY), Rolls-Royce Hldgs (OTC:RYCEY)
April 17, 2024 9:40 AM | 1 min read |
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Turkish Airlines is reportedly poised to ink a deal with Rolls-Royce Holdings Plc (OTC:RYCEY) (OTC: RYCEF and Airbus SE (OTC: EADSY) for local aircraft component production, estimated at $20 billion, as part of a plane acquisition plan announced last year.
A potential deal announcement is expected at an Istanbul ceremony later this month, reported Bloomberg, citing Turkish officials familiar with the matter.
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Turkish Airlines solidified the purchase of 230 aircraft from Airbus in December, with further options, aiming to bolster its Istanbul hub to compete with regional giants.
This procurement included a push for local production of airplane parts. Notably, Turkish entities, including state-run TUSAS Engine Industries Inc., are expected to participate in the manufacturing program, the report noted.
The accord for domestic aircraft component production aligns with Turkey’s ambition to advance its civilian and military aviation sector. This initiative is integral to the $70 billion Airbus order in 2023.
The report further noted that Turkey has been in ongoing discussions with international firms, like Rolls-Royce, to acquire engine technology for domestic military projects.
Ankara’s government emphasizes domestic production in foreign acquisitions, extending to defense and commercial aviation sectors, reflecting a broader industrial strategy.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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