Turkish company shutdowns TV factory in Russia

Turkish electronics, major appliances and information technology company Vestel has declared that it closed its television factory in Russia due to the Russian economic crisis.

The CEO of Vestel, Turan Erdoğan said that they had already taken the decision before the jet crisis emerged between Ankara and Moscow over downing of a Russian bomber, violating Turkish airspace in November 2015.

"Our decision is not related with the jet crisis. The move was a consequence of the economic crisis in Russia. There are several alternative plans to open up a new factory in a foreign country or Turkey,” said Erdoğan.

“We are evaluating all the alternatives and as soon as we decide, we will move the equipment," he added.

Vestel is a Turkish home and professional appliances manufacturing company consisting of 18 companies specialized in electronics, major appliances and information technology.