Turkish Firm Buys Majority Stake in FNSS
Turkish trading house Nurol Holding has gained control of majority shares at FNSS Savunma Sistemleri, one of Turkey’s top armored vehicle manufacturers, with the purchase of 2 percent of shares from FNSS’ U.S. partner, United Defense.
FNSS, based here, said in a written statement that the deal was inked June 30. Nurol, also based here, is a construction-to-engineering business group that previously owned 49 percent of FNSS shares. The sale leaves United Defenseholding 49 percent of FNSS. Financial details of the deal were not disclosed.
FNSS has manufactured and delivered 1,648 armored vehicles to the Turkish military since 1989.
At the signing ceremony, Murad Bayar, Turkey’s chief procurement official, said that FNSS is a “national company,†and that the share transfer would now strengthen the company’s “national identity.â€
FNSS also has exported scores of armored vehicles to Malaysia, the United Arab Emirates and the Philippines. The company is a member of a three-firm consortium that carries out feasibility studies for a multibillion-dollar Turkish program for the co-production of hundreds of third-generation main battle tanks.
