Yokogawa Electric announced that its subsidiary, Yokogawa Europe has acquired 100% of the shares of its distributor in Turkey, Birleşik Endüstriyel Sistemler Ve Tesisler A.Ş.(BEST), which is based in Izmir. The acquisition of shares was carried out on November 25.
With this acquisition, Yokogawa strengthens its focus on Turkey as a market with substantial growth potential. It will allow Yokogawa to extend its position in promising segments such as the power industry. Through the acquisition, Yokogawa will also enhance its relationships with customers in Turkey.
"BEST has been Yokogawa's distributor since 1977 and has already built an excellent reputation in the oil and gas industries, where it will continue to provide great value to customers," comments Yokogawa Europe's president Herman van den Berg: "Yokogawa is committed to working with customers as partners to help them get maximum value from their plant operations, and this acquisition is a major step forward in our plans to grow our footprint in emerging markets, and specifically in target industries including the power and energy sectors."
Yokogawa is celebrating its 100th anniversary in 2015, and is continuing to create new value with its clients for a brighter future. The company is now accelerating its efforts to bring about a transformation that will allow the company to sustain growth for another 100 years. To share the essence of this vision statement with stakeholders and encourage all employees to join forces in the pursuit of this initiative, Yokogawa has established the corporate brand slogan of "Co-innovating tomorrow".
The term "Co-innovating" conveys Yokogawa's determination to engage in the co-creation of value through the development of solutions in long-term partnerships with clients, "tomorrow" expresses the company's resolve to move steadily into the future one step at a time.