Nurol Holding will acquire the 49 percent of shares held by BAE Systems in FNSS Savunma Sistemleri A.Ş., securing full ownership of the renowned Turkish defence company. FNSS is a globally recognized land systems company that specializes in designing and producing wheeled and tracked armoured combat vehicles as well as combat engineering vehicles, turrets and sustainability solutions.
As the majority shareholder with 51 percent of this long-standing partnership for several decades, Nurol Holding will become the 100 percent owner of FNSS. This strategic acquisition is poised to bolster FNSS’s innovative capabilities, expand its reach in both local and international defence markets and support enhanced financial growth. FNSS announced the landmark agreement that underscores a long-standing partnership and mutual respect, last week.
FNSS CEO Kadir Nail Kurt, shared, “With Nurol Holding’s comprehensive support and the synergy created within the group, FNSS is well-positioned to continue to achieve ongoing success based on innovation and sustainability. With its new structure under 100 percent ownership of Nurol Holding, FNSS will continue to fulfil all its regulatory, contractual, and financial obligations and responsibilities.” Nurol Holding has stated that it committed to FNSS’s enduring corporate structure and culture, promising no foreseeable changes to its field of activity, mission, or business strategies. Instead, drawing on Nurol’s extensive industry experience and resources, FNSS is set to achieve greater heights under its full ownership.
The recently agreed acquisition is now under approval process by the Turkish Competition Authority. The acquisition will be official after this final approval process. Throughout the approval process, Nurol Holding will maintain transparency and frequent communication. FNSS leadership will actively engage stakeholders, ensuring the core values of trust and excellence remain at the forefront while maintaining FNSS’s position as a key player in the global defence market.
FNSS has been highly regarded as a joint venture for over 35 years, that has earned the reputation of being a globally trusted and respected Turkish defence company. FNSS’s robust vehicle and turret portfolio, including its flagship brands such as KAPLAN, PARS, OTTER, MAV, ACVAD, SABER and TEBER, among others, will remain intact, continuing to thrive under their FNSS identity. Full ownership by Nurol Holding will align FNSS with a unified strategic vision in concert with the strategic goals of the Presidency of Defense Industries (SSB) and Nurol’s long-term objectives, allowing for streamlined operations and concentrated growth efforts. FNSS rolled-out its first vehicle in 1990 and since then, the company has continuously improved its vehicle design and production capabilities in line with the requirements of its users. FNSS’ KAPLAN class tracked armoured product family and PARS wheeled armoured vehicles are poised to shape new generation combat vehicle trends well into the 21st century. FNSS has delivered thousands of armoured combat vehicles worldwide.
Nurol Holding also extended its sincere gratitude to BAE Systems for its goodwill and contribution throughout 35-years of partnership. FNSS, Nurol Holding and BAE Systems affirm their commitment to maintaining their long-standing spirit of cooperation, which has been a hallmark of their partnership.
NUROL Holding was founded in 1989 under the management of brothers Nurettin, Erol, and M. Oğuz ÇARMIK. The Çarmıklı Family is the owner of one of Türkiye’s leading groups. Through its more than 40 subsidiaries and affiliates, NUROL Holding A.Ş. which is headquartered in Ankara operates both domestically and internationally in numerous industries, including construction and contracting, defense, mining, real estate investment, finance, tourism, energy, trade, and services. As of December 31, 2022, NUROL Holding’s consolidated assets amounted to TRY 79.1 billion, while the group’s revenue was approximately TRY 26.8 billion as of the same date, and the target for 2023 is planned as TRY 37.2 billion.
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