Turkish Albayraklar defense company quits the sector

Turkish Albayraklar defense company quits the sector

Albayraklar Savunma Company awarded as the fastest growing defense company of the Year in 2019 resolved to quit the sector by offering its stocks for sale.

The stocks of Albayraklar Defense Company affiliated to Albayraklar Holding, which is known for its world-famous defense industry products, are offered for sale with the decision of the board of directors.

Adnan Albayrak, chairman of the board of Directors of Albayraklar Holding told, “however, we did not have the support we needed for mass production of high number of orders (about 750 thousand guns) placed for our products from many countries”.

“As a result of our inability to collect our commercial receivables in other sectors in which we operate, we had to stop the R & D activities of our new defense industry projects”, Albayrak said.

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