European Company Profile: Hidromek (November 2014)
Off-Highway Research's Company Profiles are objective analyses of major construction equipment manufacturers or component suppliers.
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|Company Structure||Manufacturing Facilities||Component Sourcing|
|Ownership||Marketing and Distribution||Production|
|Financial Analysis||Research and Development||Employees|
This profile concerns the Turkish company Hidromek, a family-owned enterprise that has become the first Turkish manufacturer of construction equipment to win an international reputation for itself, after more than 35 years of development in the dynamic Turkish market.
As Turkey goes through negotiations with the EU with a view to becoming a full member of the European Union, and as the country’s economic development continues apace while many of its European neighbours are still suffering, it is especially appropriate to present to a wide international audience the leader of that country’s industry.
Turkey is not a well known industrialised country, although in recent times its motor component and white goods sectors have made great strides forward with internationally accepted products. The perennial instability of the economy has posed enormous challenges for companies like Hidromek but its progress in recent years has been impressive.
This is the third profile of the company presented in the European Service. The first edition was published in early 2006, the second in 2010. Since then the domestic market has enjoyed three years of strong sales. In fact, after 2009, when the construction equipment market in Turkey, as in the rest of the world, endured a horrendous period of frozen orders, lack of business and extreme uncertainty about the economic background, the picture has been nothing but positive.
Three years of double digit growth, followed by further expansion last year, mean the total market in 2013 exceeded the previous record, set before the crash, in 2007. More specifically, the market for hydraulic excavators is also now at record levels, while that for backhoes is less than five per cent below the highest ever recorded.