Turkish and German naval specialists signed May 10 a letter of intent to cooperate on a contract to build variant of the Type-214 diesel-electric submarines for the Indonesian Navy.
Presently, military programs account for about two thirds of the company’s earnings, with $500 million of the $1.6 billion sales in 2016 coming from civilian work. CEO Temel Kotil is planning a “transformation” in the next decade or two, with plans for the company to generate three-quarters of its earnings from civilian programs.
The Turkish government is about finalize its efforts to ink two major naval export deals totaling between $1.5 billion and $2 billion, official sources said on condition of strict anonymity.
Turkish Defence Minister Fikri Isik has said the defense export contract with Saudi Arabia will be the largest-ever single export deal for the Turkish industry.
The country is aiming to achieve near-full self-sufficiency in line with its regional and global ambitions for more political clout. But some of its indigenous programs may prove overly ambitious.
Already listed as Turkey’s largest defense company and steadily rising on Defense News' Top 100 list of the world's leading defense companies, Aselsan CEO Faik Eken hopes to see the company in the top 50.
Turkey’s largest defense company, Aselsan, says it will take an "active role" in the future modernization work for 10,000 Mi-series helicopters worldwide.
The amendments give President Recep Tayyip Erdogan much broader powers than he has under the current system. He will be head of state, head of executive and head of the ruling party at the same time.