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A financing agreement between Arçelik’s wholly-owned subsidiary Beko BV and Whirlpool Corporation’s wholly-owned subsidiary Whirlpool EMEA Holdings LLC has been successfully completed today, resulting in the establishment of Beko Europe.
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The closing of this transaction also completes Arçelik’s definitive agreement to fully acquire Whirlpool’s business in the Middle East and North Africa (MENA) countries in a separate transaction.
According to data on production volumes in 2023, Whirlpool’s share of the European large household appliances market and Arçelik’s share of the large household appliances, consumer electronics, air conditioning equipment and small household appliances market share, i.e. i.e. Beko Europe’s market share is, taken together, the largest in Europe[1]. Beko Europe employs more than 20,000 people and the company’s production capacity is around 24 million household appliances per year, which are manufactured in 11 production plants. Beko BV owns 75% of the newly created company and Whirlpool Corporation owns 25%.*
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Arçelik will now operate in 57 national markets, employing approximately 55,000 employees. According to 2023 data, Arçelik’s total revenue will reach approximately 11 billion euros.** As the total number of production plants reaches 45, the company’s annual production capacity will also increase significantly.
Commenting on the concluded deals, Hakans Bulgurlu, CEO of Arçelik (Hakan Bulgurlu) said: “Over the past ten years, we have set clear goals to expand our operations and transform our industry while delivering value to our customers, employees and shareholders. Our growth has been fueled by strategic acquisitions and innovative joint ventures with leading companies such as Singer in Bangladesh and Hitachi in Asia. The creation of Beko Europe and the acquisition of Whirlpool MENA assets mark another major milestone in Arçelik’s operations and the tenth year of continuous growth. As one of the global leaders with strong positions in existing and high-growth markets, today we strengthen our ability to be a force for progress and change, serving both planet and people.”
Whirlpool Corporation CEO Mark Bitzer (Marc Bitzer) said: “We are pleased to have reached this crucial moment in completing our deal with Arçelik to create Beko Europe. This milestone begins an exciting new chapter in creating greater value for European consumers through attractive brands, sustainable manufacturing, product innovation and consumer service. We look forward to the remarkable opportunities that Beko Europe will bring to consumers in their ongoing efforts to improve home life.”
CEO of Beko Europe, Redzep Balcioglu (Ragıp Balcıoğlu) commented: “Today begins Beko Europe’s journey to create a sustainable life in every European household. By combining our experience, we achieve significant scale, and now we must work tirelessly to ensure that scale serves the needs of our clients and consumers. We will be a responsible partner to industry and consumers, actively using our market leadership to raise standards, address efficiency issues and drive innovation to build a better future. Understanding the changing needs of our customers and consumers, we aim to move the European home appliance industry towards brighter, more competitive and environmentally friendly principles. To fulfill these ambitions, our extremely competent and highly complementary team will take a critical approach to work.”
Publicity photo
Par Arçelik
Arçelik has 55,000 employees worldwide, including subsidiaries, operates in 57 countries and has 45 manufacturing facilities located in 13 countries (Turkey, United Kingdom, Italy, Romania, Slovakia, Poland, South Africa, Russia, Pakistan, India, Bangladesh, in Thailand and China). Arçelik owns or uses under limited license 22 brands (Arçelik, Beko, Whirlpool***, Grundig, Hotpoint, Arctic, Ariston***, Leisure, Indesit, Blomberg, Defy, Dawlance, Hitachi***, Voltas Beko, Singer***, ElektraBregenz, Flavel, Bauknecht, Privileg, Altus, Ignis, Polar). In 2023, Arçelik became Europe’s largest household electrical goods company by market share (by volume), and its consolidated turnover reached 8 billion euros. Arçelik employs more than 2,300 researchers in 31 R&D, design centers and offices worldwide and currently has more than 3,500 internationally registered patent applications. In the Dow Jones Sustainability Index of S&P Global Corporate Sustainability Assessment, DHP achieved the highest rating in the consumer durables industry for the fifth year in a row (as of October 27, 2023). Arçelik’s vision – “Respect the world, get respect all over the world”.
* Closing adjustments must be taken into account
** EUR 11 million reference based on the total estimated revenue of Arçelik and Whirlpool EMEA in 2023
*** Licensee’s activity limited to certain jurisdictions
Par Beko Europe
Beko Europe is a leading home appliance company committed to changing the lives of its customers by offering a wide range of innovative and sustainable home products and solutions. Beko BV owns 75% of the shares of the newly founded company Beko Europe, and Whirpool Corporation owns 25%. Beko Europe employs more than 20,000 people and has 11 production sites located across Europe – in Cassinet, Melano, Comunanza and Siena in Italy, Wroclaw, Radomsko and Łódź in Poland, Poprad in Slovakia, Yeats in the UK and Ulm and Gesti in Romania , and their total production capacity is about 24 million household appliances per year.
[1] Please see Euromonitor Passport trade statistics for detailed information.
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2024-04-03 16:04:55
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