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.

Related Articles

High net worth Turks and capital flee Turkey as prospect of Erdogan Mark II nears

Turks are joining foreign investors in shifting their assets—and in many cases themselves—out of the country amid fears for their money and security should President Recep Tayyip Erdogan win more ... more

Simsek: Better policy mix and reforms will help secure soft landing for Turkey

Turkey's strengthening fiscal and monetary policy mix and reforms should help secure a soft landing for its economy, Deputy Prime Minister Mehmet Simsek said on June 12. Ex-Wall Street banker ... more

One to two-notch downgrade implied for Turkey by spread on eurobond says RBI

A one to two-notch downgrade is implied for Turkey by the spread on its sovereign USD eurobond due 2028, Raiffeisen Bank International (RBI) said on June 12. In a note to investors, RBI analyst ... more

Dismiss