Turkish Albayraklar Defence Firm to Shut Shop, Offers Stock for Sale

  • Our Bureau
  • 09:22 AM, January 23, 2020
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Turkish Albayraklar Defence Firm to Shut Shop, Offers Stock for Sale

Albayraklar Savunma Company awarded as the fastest growing defense company of the Year in 2019 resolved to quit the sector by offering its stocks for sale.

The stocks of Albayraklar Defense Company affiliated to Albayraklar Holding, which is known for its world-famous defense industry products, are offered for sale with the decision of the board of directors.

In a written statement made by Adnan Albayrak, chairman of the board of Directors of Albayraklar Holding, the following declaration was made.“We have invented and developed unique defense products with sales value that alone can capture the total annual export figures of the Turkish defense industry without receiving even the smallest financial support from any institution and organization. We did what was said to be impossible. We were competing with American-made high technologies.

Our Wattozz product line, which we have created with one hundred percent domestic and national means and with our full equity, has been awarded Outstanding Achievement Awards on international platforms and the brand value of Wattozz name worldwide has reached millions of dollars.

However, we did not have the support we needed for mass production of high number of orders (about 750 thousand guns) placed for our products from many countries. As a result of our inability to collect our commercial receivables in other sectors in which we operate, we had to stop the R & D activities of our new defense industry projects.

Yes, we're a big defense firm, but we're not strong enough to fight on our own. I regret to inform you that we have decided to put our valued defense company on sale together with the patent and trademark rights of the products for these reasons.”

Among extremely remarkable products of Albayraklar Defense Company are Wattozz CEW world's first and only remote-controlled wireless electroshock gun and Wattozz T61 firearm modification system which eliminates recoil and muzzle rise for all kinds of short-or long-barreled rifles and pistols.


Turkish Albayraklar Defence Firm to Shut Shop, Offers Stock for Sale
Adnan Albayrak, Chairman of the Board of Directors of Albayraklar Group