BUZZ-Turkey's Borusan Boru gains on announcing $68 mln investment in US
Borusan Boru BRSAN.IS gains ~6%; among top 3 performers on Istanbul's BIST-100 .XU100 index
Pipe manufacturer announces $68 mln investment in U.S. over next two years
Looks to capitalize on benefits of local manufacturing over imported alternatives; targets 150,000 tons of additional annual volume
Seeks to establish itself as sole domestic manufacturer using modern manufacturing tech in U.S.
Yusuf Dogan, Head of Global Markets Research at Info Yatırım, says logistical proximity, to reduce costs and delivery times, acting as positive multiplier for U.S. market
Adds investment will increase BRSAN's market share, profitability and competitiveness
Brokerage Halk Yatırım expects announcement to positively reflect on shares
Stock set to snap six-session losing run
YTD, BRSAN down 24.53%
(Reporting by Miraç Eren Dereli, Canan Sevgili)
((miraceren.dereli@thomsonreuters.com))
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