FEV GmbH announces Foundation of FEV Turkey in Istanbul

Aachen, Nov. 22, 2011 - FEV GmbH (FEV), a leading developer of advanced powertrain and vehicle technologies based in Aachen, Germany, announced today the foundation of its newest subsidiary in Istanbul, Turkey. Named FEV TR Otomotiv ve Enerji Araştırma ve Mühendislik Limited Şirketi (FEV Turkey Automotive and Energy Research and Engineering Limited Company), it is FEV’s 16th subsidiary worldwide and represents FEV’s continued global expansion into quickly developing markets. FEV established the new company in Turkey after the completion of a number of projects for Turkish partners and international OEMs with locations in Turkey. The positive encouragement and feedback from these partners motivated the foundation of FEV’s newest subsidiary.

"Turkey’s importance for the world economy and the automotive sector is growing rapidly, and the foundation of this new subsidiary demonstrates our dedication to the Turkish market,” said Prof. Stefan Pischinger, FEV President and CEO. “This center will further improve the interface to our clients while opening new opportunities for both sides."

FEV chose Istanbul for the location of the subsidiary based on a number of factors, according to Dr. Ernst Scheid, executive vice president of the FEV Group and responsible for business in Eastern Europe and Asia.

"Istanbul is Turkey's economic hub, with both Turkish and key international players in one of the booming regions of the world", said Dr. Scheid. "This makes it a perfect location for a powertrain engineering company like FEV."

From its Istanbul location, FEV will provide local support and project management for Turkish customers by leveraging its worldwide expertise in powertrain technology and know-how. FEV expects that within one year, more than 20 highly skilled German-trained engineers will be employed at FEV Turkey, serving the Turkish automotive industry under the leadership of FEV Turkey's Managing Director Dr. Taner Göcmez.