Toyo Ink SC Holdings Co., Ltd., the parent company of the Toyo Ink Group of companies, announced today that its subsidiary company Toyo Printing Inks Inc., a major manufacturer of inks and coatings in Turkey, has decided to purchase approximately 62,000 sq. m. of land for the future expansion of its operations in the Manisa Province in western Turkey. The new plot is located in the Manisa Industrial Zone, the same industrial park that is currently home to Toyo Printing Inks.

Toyo Printing Inks plans to use the land to build not only a new manufacturing facility for the upgrading and expansion of existing R&D and production facilities, but also to construct a new production site for polymers, a key material component in Group products, such as inks, coatings and adhesives. The polymers manufactured in Manisa will be used to improve the quality and performance of Toyo Printing Inks' products, and to diversify its portfolio and markets. Construction of the new polymer plant is expected to begin in 2018 and be completed by late 2019, followed by further capacity increases to ink and coating production within three to five years. With the increased capacity, annual sales is estimated to reach 300 million Turkish lira by 2022.

“Toyo Printing Inks has simply outgrown its current space” said Katsumi Kitagawa, CEO of the Toyo Ink Group. “We've reached the point where we need to invest in advanced manufacturing technology that will allow us to better serve our customers with greater flexibility and product mix capability. The proposed expansion is expected to take a total investment of 3 billion yen (approx. USD26.7 million) and will be carried out in phases over a period of five years. This investment reaffirms our commitment to providing long-term solutions tailored to the needs of the printing and packaging industries in Turkey and rapidly growing markets in the MENA region, with Manisa serving as the supply hub.”

Driven by the anticipation of strong demand in MENA, Central Asia and Eastern Europe, Toyo Ink SC Holdings has steadily been increasing its operating foothold in Turkey as part of its growth strategy to expand its businesses throughout the region. The company established a liaison office in Istanbul in 2014, a sales company in the city one year later, and purchased Toyo Printing Inks (then DYO Printing Inks) in 2016, marking the start of its manufacturing operation in the country. Looking ahead, the Toyo Ink Group will continue to focus on building on its strong local presence and expanding its product offerings to meet regional demand.

About Toyo Printing Inks Inc.

Toyo Printing Inks Inc., a member of the Toyo Ink Group, has been one of the leading brands in Turkey's printing ink sector since its foundation in the country in 1968. The company is a leading manufacturer of printing inks and auxiliary products for virtually all printing techniques, such as web offset inks for publications, offset sheetfed inks, serigraphy inks, flexo and rotogravure inks and metal can coating systems. Toyo Printing Inks is committed to meeting the needs of the packaging and printing industry by adhering to the highest production standards, with importance given to quality and innovation. The company conducts its business activities at its Colour Making Centre in İstanbul and state-of-the-art production facility in Manisa established in 2010, while maintaining a network of 44 dealers and sales offices in 4 cities. For further information on Toyo Printing Inks, visit www.toyoink.com.tr.

About Toyo Ink SC Holdings Co., Ltd.

Toyo Ink SC Holdings Co., Ltd., the parent of the Toyo Ink Group of companies, is a scientific company with specialty chemicals at its core. Originally starting out as a printing ink manufacturer in 1896, the company is a developer and marketer of its own unique specialty chemical materials based on functional pigments and polymers, the raw materials in printing inks. The Toyo Ink Group operates its corporate activities under four business segments—Colorants and Functional Materials, Polymers and Coatings, Packaging Materials, and Printing and Information—while it expands applications to the healthcare, electronics devices, energy and related sectors. For more information, see schd.toyoinkgroup.com/en/.