US-based Defense News magazine lists seven Turkish defence companies in its list of Top 100 global firms with the highest defence revenues.
Seven Turkish companies, including two new entries, have made it to the list of the world's top 100 defence firms as ranked by Defense News.
Defense News announced the list this week. The US-based publication, which focuses on politics and the business of military, uses data from analysts and companies' annual reports to assess their defence revenues in order to rank the world's most prestigious defence firms.
This year, the number of Turkish companies on the Top 100 list rose to seven from five.
ASELSAN, Turkey's largest defense firm, ranks 48, rising to the top 50 from the 52nd spot last year. The company entered the list in 2006 at 93rd.
The company's annual turnover rose by 21 percent to $2.172 billion.
ASELSAN's experience in military defence systems includes imaging technologies and electro-optics as well as product solutions based on research and development.
One of the important providers of engine components to companies such as Boeing, Airbus, Lockheed Martin, Northrop Grumman, Bombardier and Leonardo, TUSAS Engine Industries (TEI) also moved up on the list.
The company's turnover in 2019 totaled $1.858 billion, up 42 percent from $1.307 billion in 2018, and ranks 55th compared to 69th last year.
BMC holds on
Having entered the list last year ranked 85th with $554 million, Turkish armoured vehicle maker BMC slipped to the 89th spot, with an annual turnover of $533 million.
BMC produces many commercial and military vehicles ranging from buses to armoured vehicles. I
It will undertake mass production of Turkey's indigenous battle tank 'Altay.'
ROKETSAN and STM on list
Turkey's missile producer ROKETSAN, aiming at being a pioneer in rocket and missile systems, is on the list this year as well.
ROKETSAN locked on to the 91st slot, two below last year's ranking.
Its annual turnover was down 1 percent at $515 million.
Among the notable products of ROKETSAN are the Bora long.
STM Defense Technologies and Engineering Ltd came in 92nd on the list, compared to 85th last year.
The company's annual turnover fell 14 percent to $485 million from $564 million. It aims to become one of the 50 biggest defence companies in the world.
New on Top 100
FNSS, producers of armoured land vehicles, entered the rankings on 98th spot this year.
FNSS's annual turnover was $367 million in 2018, and last year, it was up 2 percent at $374 million.
It designs and produces tracked and wheeled vehicle.
HAVELSAN produces software solutions for Turkish defence industries and increased its yearly turnover by 6 percent to $295 million from $278 million.
It is 99th on the prestigious list this year.
The top five
On top of the list are US companies.
The first five are Lockheed Martin, with annual turnover of $50.5 billion, Boeing with $34.3 billion, General Dynamics with $29.5 billion, Northrop Grumman with $28.6 billion and Raytheon Company with $27.4 billion.
Eight new companies have made it to the Top 100 list.