{"id":15117,"date":"2021-10-15T16:20:03","date_gmt":"2021-10-15T16:20:03","guid":{"rendered":"https:\/\/one.sightlinemg.com\/defensenews\/uncategorized\/2021\/10\/15\/turkish-qatari-venture-bmc-facing-liquidity-challenges\/"},"modified":"2026-08-07T21:28:01","modified_gmt":"2026-08-07T21:28:01","slug":"turkish-qatari-venture-bmc-facing-liquidity-challenges","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/defensenews\/global\/mideast-africa\/2021\/10\/15\/turkish-qatari-venture-bmc-facing-liquidity-challenges\/","title":{"rendered":"Turkish-Qatari venture BMC facing liquidity challenges"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">ANKARA \u2013 Leading armored vehicles maker BMC, a Turkish-Qatari venture, is going through liquidity snags after a recent change in ownership, Defense News has learned.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company, which has a multibillion-dollar contract in its portfolio to produce the Altay, Turkey\u2019s first new-generation, indigenous tank, is on a shrinking stage of unknown scale, company sources said, speaking on condition of anonymity while discussing internal details.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A trade union representative said that the company recently laid off nearly 30 white-collar workers. Blue-collar workers fear mass redundancies or unpaid leaves may follow.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The trade union representative also said that some production units went from three shifts a day to single shift. BMC has also ceased producing its civilian Tu\u011fra truck.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Construction of a large production unit in Karasu, Sakarya, in northwestern Turkey, came to a halt due to financial reasons. Subcontractors complain of unpaid bills.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cCash inflows are weak to support corporate-level functioning,\u201d one BMC official admitted. \u201cWe are hoping that this is only a temporary situation.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another BMC official put the blame on the company\u2019s massive debt stock at the time of the takeover. \u201cWe took over a debt stock that has become a challenge to manage,\u201d he said. \u201cThe company needs new and sizable contracts.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BMC has a politically controversial history. In 2014, businessman Ethem Sancak\u2019s Es Mali Yat\u0131r\u0131m Dan\u0131\u015fmanl\u0131k company purchased BMC, then a troubled armored vehicles maker, for $350 million. BMC had been seized by the government\u2019s banking fund for its former owner\u2019s unpaid debts worth $75 million.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sancak, a close aide of President Recep Tayyip Erdo\u011fan, served at top boards of Erdo\u011fan\u2019s ruling Justice and Development Party (AKP). Talip \u00d6zt\u00fcrk, a distant relative of Erdo\u011fan, invested $100 million in BMC to become partners with Sancak.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Erdo\u011fan also brokered a deal in which a Qatari fund invested $300 million to buy a 49.9% share in BMC. Sancak now owned 25% of BMC and had already raised a net $50 million for the entire venture.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a deeply controversial move, Erdo\u011fan\u2019s government allocated a 544 acres of public land (in Karasu, Sakarya) to BMC to be used in the company\u2019s future investments. Subsequently BMC defeated two local rivals and won a strategic contract for the initial production of a batch of 250 Altay tanks. Defense industry sources estimate the Altay contract, involving an eventual 1,000 units, to amount to around $11 billion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In May 2018 the government granted 1.4 billion Turkish lira (approximately $250 million) investment incentives to BMC for the Altay program, including tax cuts, pension premium reductions, subsidized energy and perks. The government also allocated, in a gratis deal, a military tank production and maintenance factory in Arifiye near Istanbul to BMC. The company was only obliged to invest $50 million in return for a right to operate the Arifiye plant for 25 years. Turkey\u2019s opposition parties wanted a parliamentary investigation into the BMC story but the effort was voted down by Erdo\u011fan\u2019s AKP.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Based on 2020 defense revenue, BMC ranked 89th in the Defense News Top 100 annual rankings with the equivalent of about $533 million.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In May 2021, Sancak and \u00d6zt\u00fcrk sold their 50.1% share in BMC to a Turkish <a href=\"https:\/\/www.defensenews.com\/global\/2021\/05\/11\/bmc-in-talks-to-sell-turkish-shares-to-local-steelmaker\/\">steel<\/a> producer, Tosyal\u0131 Holding, for $480 million.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tosyal\u0131 Holding is a leading iron and steel producer, which also has close ties to Erdo\u011fan. Tosyal\u0131 operates three facilities on three continents and produces six million tons of steel annually. The company employs over 10,000 people. Its other business interests include maritime, port operation, foreign trade and power generation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Could the Altay contract not come to BMC\u2019s help? \u201cEven if production started today, deliveries cannot take place before five years,\u201d a senior BMC engineer said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Altay program has its own problems, too. It has faced major delays due to failed access to significant components like the engine, transmission and armor. In March, BMC was in talks to pen twin strategic agreements with two South Korean companies for joint work on a power pack for the new-generation tank. Under the deals South Korean manufacturers Doosan and S&amp;T Dynamics would supply the engine and transmission mechanism for the Altay.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe are still in talks \u2026 so far unable to reach an agreement,\u201d the first BMC official said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As of Oct. 14, BMC did not reply to Defense News\u2019 request for comment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A trade union representative said that the company recently laid off nearly 30 white-collar workers. Blue-collar workers fear mass redundancies or unpaid leaves may follow.<\/p>\n","protected":false},"author":7,"featured_media":28924,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":47,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":[]},"categories":[160,11,47,36],"tags":[],"coauthors":[3466],"class_list":["post-15117","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-news-roundup","category-global","category-mideast-africa","category-newsletters"],"acf":{"subheadline":"","legacy_arc_id":"NKMGYWL3WVHPHL7LLBLJTE4G3M","arc_canonical_url":"\/global\/mideast-africa\/2021\/10\/15\/turkish-qatari-venture-bmc-facing-liquidity-challenges\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented By:"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Turkish-Qatari venture BMC facing liquidity challenges - Defense News<\/title>\n<meta name=\"description\" content=\"A trade union representative said that the company recently laid off nearly 30 white-collar workers. 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