Muharrem Dortkasli, CEO of Tusas (Turkish Aerospace Industries Inc-TAI), announced that the company delayed its IPO plans due to unfavorable market conditions. TUSAS was considering going public in February and it has mandated Is Yatirim and JP Morgan for the IPO. Turkish military has a 54.5% stake in Tusas while undersecretariat of defence industry controls a 45.5%. TUSAS was the industry's largest exporter in 2013 with USD 527mn of export revenues which corresponds to 40% of the industry's total exports. Turkish defence and aviation industry increased its exports by 10% y/y to USD 1.391bn last year and targets to increase its exports by a 44% y/y further to USD 2bn this year, according to the the head of defence industry exporters' association (ISI), Latif Aral Alis . The industry targets USD 25bn worth exports in 2023, Alis said. The industry's research and development investments amounted to USD 773mn in 2012 while its exports increased by 43% y/y to USD 1.262bn in 2012 from USD 884mn in 2011, according to Alis.
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