Turkey’s national flag carrier THY informed in a filing with the BIST on Wednesday that its subsidiary THY Teknik, dealing with maintenance and repair works, decided not to buy US-based aircraft interior designer Gore Designs Completions Ltd. THY Teknik had signed a letter of intent in April in order to assess opportunities to acquire or establish partnership with Gore Designs.
THY also said on Wednesday that it completed the acquisition of MNG Teknik, a company providing maintenance and repair services to aircrafts at Istanbul’s Ataturk Airport, as it signed a share transfer agreement following the approval from the Competition Board.
Meanwhile THY decided to increase its workers’ wages by 5% in H1 and by 3% in H2 (cumulative 8.1% increase) while wages will be increased by 3% in H1-2014 and by another 3% in H2-2014 (cumulative 6.1% increase). THY management invited the Hava-Is union, representing 14,000 of THY’s 15,857 employees, to sign a collective bargaining agreement on May 22. But apparently, the parties failed to reach an agreement thus THY decided to increase wages according to the terms set in the previous collective bargaining agreement.
Related Articles
Turkey ups steel exports 28% in 2024 driven by EU shipments, US takes just small percentage
Turkey upped its steel exports by 27.6% y/y in 2024 to 13.4mn tonnes, according to the Turkish Steel Association (TCUD). Growth was driven by shipments to the European Union (5.9mn tonnes, up ... more
TPAO arm contracts Subsea7 for Sakarya gas field work offshore Turkey
Turkish Petroleum Offshore Technology Centre AS (TP-OTC) has contracted international offshore service provider Subsea7 to provide inspection, repair and maintenance (IRM) services at the Sakarya ... more
Turkish firm Bonysocks earmarks $50mn to build Egyptian factory
Turkish socks manufacturing company Bonysocks plans to invest $50mn to build a new factory in Egypt, Al Ahram reported on January 12 citing the Turkish Ambassador in Cairo, Salih Mutlu Şen. ... ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
15 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago