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Mannesmann Sachs Gains Turkish Partner

23 December 1998

Mannesmann Sachs Gains Turkish Partner

    DUSSELDORF, Germany, Dec. 23 -- Mannesmann Sachs, one of the
world's leading automotive parts suppliers, and the leading Turkish shock
absorber manufacturer Beldesan will form a joint venture in Turkey as of
January 1, 1999.  Thus, Mannesmann Sachs continues its globalisation strategy.
Sachs will have a 50% stake in the new enterprise, Sachs Beldesan Suspansiyon
Sistem leri Sanayi ve Ticara A.S.  Beldesan currently produces 1.8 million
shock absorbers annually with a workforce of 250, mainly for auto
manufacturers with production plants in Turkey as well as for the domestic
after market.  The factory is located in Gebze/Kocaeli, 50 km east of Istanbul
in the heart of the Turkish automotive industry.
    The new joint venture will profit from Mannesmann Sachs' world-wide
presence and know-how as an original equipment manufacturer for international
auto makers.  The resulting improvement in export opportunities together with
the continued growth in Turkish car and truck production are expected to boost
annual production to over three million shock absorbers.
   Beldesan is part of Turkey's largest industrial group Koc, which is already
engaged in the automotive market through joint ventures with Fiat and Ford.
Mannesmann Sachs today produces high-grade components and systems for chassis
and power trains in 33 plants in 16 countries world-wide.