THY Teknik decides not to buy US-based Gore Designs.

By bne IntelliNews May 23, 2013

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.

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