[THE INVESTOR] Hyundai Elevator has signed a joint venture agreement with Turkey’s STFA Group in Istanbul on July 19 local time to launch its local operations, it announced on July 20.

The Korean company has taken over 51 percent stake in the Turkish group’s subsidiary HMF Asansor and will launch Hyundai Elevator Turkey, aiming to develop the country as “the second home market” and make inroads into Europe as well. 

“It will top the country’s market share and post sales of over 100 billion won (US$87.77 million) by 2020,” said Jang Byeong-woo, CEO of Hyundai Elevator. Turkey alone has a market for 30,000 units a year worth 1 trillion won.

Located for easy connection between Europe and Asia, the Turkish branch will serve as a base to tackle the European market as well.

This is the ninth local enterprise established by the elevator company since it declared to globalize its business in April. It already has branches in China, Brazil, US, India, Malaysia, Vietnam and Indonesia.

Since 2010, STFA Group, a leading construction and energy company, has been carrying out major projects for the Hyundai affiliate: parts of the capital’s subway, Metropol Istanbul a multi-use complex that includes one of the largest shopping malls in Turkey, and Water Garden another mega shopping mall inside International Finance Centre.

By Hwang You-mee (glamazon@heraldcorp.com)