FMC Wins Pact for Armored Vehicles
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ANKARA, Turkey — FMC has signed a $1-billion contract to manufacture armored combat vehicles in a venture with the Turkish government, officials said Monday.
FMC of Chicago had competed for the contract against Krauss-Maffei of West Germany and GKN of Britain.
At the signing ceremony, Premier Turgut Ozal said the project will mean jobs for 10,000 Turks.
The first vehicles are scheduled to be completed in 18 months, officials said.
In all, 1,700 armored vehicles of different types for the Turkish military are planned to be produced over 10 years.
Officials said FMC will build a production plant in partnership with Nurol Co. of Turkey and would provide $550 million in easy term credits. The credit terms were not disclosed.
The government took two years to decide on the deal.
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