Equipment: Arcelik (Beko) takes over Whirpool Turkey
The acquisition, worth 78.3 million euros, also includes a plant with 1000 employees
Arçelik, the Turkish group that represents the second largest household appliance company in Europe by market share, with a consolidated turnover of 5 billion euros in 2019, controlling among others the Beko and Grundig brands, has taken over the Whirlpool branch in Turkey, for an amount of 78.3 million euros, which also includes the sale of a production plant for refrigerators and washing machines in Manisa, western Turkey, with an annual production capacity of 2.7 million pieces, with approximately 1000 employees. The transaction is subject to regulatory approval and other customary closing conditions and is expected to be completed by July 1, 2021.
Arçelik CEO Hakan Bulgurlu said that “with the acquisition of the Whirlpool Turkey business, we are taking an important step to further strengthen our presence in Europe and Turkey by further increasing our production capacity. We are also establishing an important strategic business relationship with Whirlpool which will open up export opportunities in new markets. We will also welcome 1,000 new colleagues to our family and our production network in Turkey will be even more diverse. Manisa logistically represents a key place both for exports and for its proximity to a large and well-functioning ecosystem of suppliers. This investment will allow us to better respond to the strong demand in our sector. Our advanced production technologies, innovative products and great attention to every aspect of sustainability will be further enhanced with new cost and revenue synergies".
EFA News - European Food Agency