![]() ![]() ![]() “This new business will increase the competitiveness of Koc Group and Arcelik and create great value for both our country and our stakeholders”, said Levent Cakıroglu, chief executive of Turkish conglomerate Koc Holding, which owns Arcelik. Whirlpool will own 25% and Arcelik will own 75%, the U.S.-based company said on Tuesday.Īrcelik’s shares were up 5.1% at 1055 GMT, after rising as much as 9.4% following the announcement. The new firm will include Arcelik’s European units such as major domestic appliances, small domestic appliances and consumer electronics. “This allows us to participate in significant value creation from the repositioning of the business and cost synergies through our minority interest,” said Whirlpool Chief Executive Officer Marc Bitzer. Turkish exporters, meanwhile, have gained a competitive edge from a plunge in the country’s lira currency to record lows, making goods produced in Turkey cheaper to overseas buyers. Global firms have been cutting their European operations due to sluggish growth and high energy costs. The moves come after Whirlpool launched a review of its Europe, Middle East and Africa ( EMEA) operations in April 2022 and said it planned to focus on higher margin businesses. Whirlpool also said it had agreed to sell its Middle Eastern and African businesses to Arcelik, which the Turkish firm said was for 20 million euros ($21.65 million) in cash. home appliances maker Whirlpool is folding its European business into a new company controlled by Turkish rival Arcelik, reducing its exposure to a market where it had warned attractive profit margins could be some way off. ![]()
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