The Turkish pension fund OYAK and Miilukangas Oy has agreed on an arrangement, which will enable Miilux Oy to double its steel hardening capacity by constructing a new production plant in Manisa in Turkey during 2019-2020. The production plant will be owned by Miilux Turkey, a new subsidiary of Miilux Oy.

As a part of the arrangement OYAK will also become the majority shareholder in Miilux. The share purchase agreement is conditional upon the approval of the Ministry of Economic Affairs and Employment of Finland.

Pekka Miilukangas, who will continue as managing director of Miilux, states: “This agreement will strengthen our market position on the Turkish market, which is a core market area for us. Miilux will now be an even more significant supplier of special steel and steel service center with its three companies. The growth outlook of the Company is good.”

OYAK representative and new Chairman of the Board of Directors of Miilux, Mr. Toker Özcan comments: “The arrangement accelerates our decision to enter the protection steel markets, where Miilux’s technology and products are well known and highly recognized.”

OYAK (Ordu Yardımlaşma Kurumu) is private pension fund and one of the largest corporations in Turkey. OYAK Group composes of total 89 companies in 19 countries and 32 000 employees. The best-known companies in the group are the car manufacturer Oyak-Renault and the steel conglomerate Erdemir.