Dear partners, colleagues and friends,
When we brought the family’s holdings together under Kulek Global Holdings in the Dubai International Financial Centre, we set one test for every decision: will it still look right in twenty years? This letter explains how we applied that test over the past year, and what we will focus on next.
A year of building
In the United States, our former REPKON USA Holdings took the name Paligen Technologies, a name that reflects its mission to renew America’s defense industrial base. Nitradyn, its joint venture with Dyno Nobel, was awarded a $581 million contract to build a new IMX-104 plant in Kentucky. Paligen also formed a strategic alliance with CBC Global Ammunition for medium-caliber ammunition, and the teams from McCormick Stevenson and Garland Operations, which joined in 2025, are now part of one enterprise.
In Türkiye, Repkon continued to do what it has done since 1978: design and build the machines and turnkey plants that others depend on. Repkon-produced ammunition will equip the Altay main battle tank, and our engineers presented the company’s capabilities to customers at AUSA in Washington, at Defense & Security and at EDEX.
In Europe, Bowas, Bowas-Induplan and Pravisani bring together five decades of experience in plants for energetic materials, from Zug and Salzburg to the outskirts of Udine. Their engineering is among the most specialised in the world, and it is now available to every company in the group.
Why we invest the way we do
Our capital belongs to the family, and that shapes everything. We are not bound by fund cycles or exit dates. We can hold companies through the cycle, invest in capacity when it is needed, and judge management on the strength of the business they leave behind, not on a single year’s numbers.
Imperium per scientiam: power through knowledge. Our advantage is what our engineers know, and our job is to give that knowledge the capital and time it needs.
That is why we focus on industries we understand deeply. Our companies make forming machines, munitions, energetic materials and the plants that produce them. Few investors can assess these businesses. Our engineers can, and that lets us move quickly and with conviction.
Governance and responsibility
As the group grows, so does our responsibility. Defense and energetics demand the highest standards of process safety, export control and compliance in every country where we operate. We hold ourselves to those standards at the holding level, through our Board, Investment Committee and Risk & Compliance function, and we expect the same of every company we own.
The year ahead
Our priorities are clear. We will connect our companies more closely, so that the machine-building of Türkiye, the plant engineering of Europe and the manufacturing scale of the United States reinforce one another. We will keep investing in safety and in cleaner industrial processes. We will develop the next generation of leaders, in our companies and in our family. And we will look selectively for new partners in the sectors and regions we know best.
None of this happens without the engineers, technicians and staff across our companies, and the customers and partners who trust them. On behalf of the family, thank you.