Strategic Investment in the Automotive Sector by İnci Holding

İnci Holding signs another critical investment in the automotive sector in line with its strategic plans.

İnci Holding has signed an agreement to acquire Starcool, the cooling business unit of Eltesan. Following the agreement and upon closing of the transaction, the company under the "Starcool" name will continue as a subsidiary of İnci Holding.

Starcool, which commenced operations in 1997 to manufacture vehicle refrigerators and kitchen units, operates in a 12,000 square-meter production facility in Kocaeli Gebze with state-of-the-art machinery and specialized workforce.

Starcool, which has become a recognized and preferred brand worldwide, manufactures and exports vehicle-mounted refrigerators and kitchen-equipped refrigerators for buses in the automotive sector.

Following this acquisition, İnci Holding aims to take Starcool beyond its current product and customer segments. In doing so, İnci Holding also plans to expand by adding automotive and maritime sector experience through Starcool to the tourism and hospitality sector experience of its subsidiary ISM Minibar.

We have confidence in our country's future

Cihan Elbirlik, Chairman of the Board of İnci Holding, expressed confidence in Turkey's future, stating, "In line with our strategic plans, we continue to invest in both our existing operations and new areas. We aim to combine the brand strength of Starcool and Eltesan's cooling business unit, which implements innovative initiatives, with İnci Holding's experience in the automotive sector and advanced technology infrastructure to make it a major global player in the industry. We expect this investment to contribute positively to our growth, employment and profitability targets going forward. We carefully monitor profitable and sustainable growth opportunities. We will continue to develop growth and investment plans covering projects that will add value to our current portfolio."

Mehmet Meral, Chairman of the Board of Eltesan, said, "I sincerely believe that Starcool will become a global brand combined with İnci Holding's expertise in automotive supply industry and minibar manufacturing and advanced technology infrastructure. I wish the collaboration to be beneficial for both parties."

Eltesan manufactures vehicle-mounted refrigerators and kitchen-equipped refrigerators for the automotive sector; air conditioning units, interior parts and cable trays for rail systems; battery boxes for electric vehicles; and polyurethane interior and exterior parts for commercial vehicles.