Aselsan ranks up among largest defense firms

ANKARA (AA) - ASELSAN, leading Turkish defense systems producer, has climbed up on a list of the world's top 100 defense giants, compiled by the prestigious U.S. weekly Defense News. Based on 2013 figures, this year's list ranks military electronics concern Aselsan 67th, compared to 74th last year. Global defense leaders on the ranking list did not change compared with the previous year, with U.S. aircraft-building giant Lockheed Martin retaining the top spot as the world’s largest defense contractor. Aselsan's 2013 defense revenue was slightly over $1 billion, up from $862 million a year ago. Its total revenue in 2012 was $906 million. Ankara spent over $1 billion on defense, research and development in 2013. Turkey's defense industry has gained momentum in recent years with the expansion of local producers with more domestic firms introducing new products to the market, contributing to Turkey's goal of relying more on domestic sources than imported products. According to data from Turkey’s Defense Industry Exporters' Union (SSI), Turkey's exports in the defense and aviation industries combined reached $1.39 billion in 2013. Turkey's defense exports for the first quarter of this year are valued at $322 million, a 20 percent increase on the same period last year, according to figures from the Turkish Exporters' Assembly (TIM). In 2013, Lockheed Martin's revenue was $40.49 billion. U.S. aerospace giant Boeing follows with $32 billion and British BAE Systems is ranked third with $28 billion.