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FinancialNews


  • 17-12-20

    Turkey's Arcelik, Japan's Hitachi Global Life Solutions to set up USD 300 M joint companies

    (MENAFN)On Wednesday, Turkish white commodities manufacturer Arcelik and Japan"s Hitachi Global Life Solutions (GLS) signed a deal to set up a USD300 million mutual company,.

    Arcelik declared that, under the agreement, he will buy a 60percent stake in a new company that Hitachi GLS will launch in the Netherlands, which will unite all home appliances business operations of the Japanese group"s 12 overseas subsidiaries.

    Hitachi GLS" two manufacturing and 10 sales companies in China and Thailand, along with their 3,800 employees, will be relocated to the new company, which is supposed to be set up in the second quarter of 2021.

    The investment is very important for the Turkish firm"s global aspirations, stated Leven Cakiroglu, chief executive officer (CEO) of Arcelik"s parent company Koc Holding.

    MENAFN17122020000045011369ID1101294933

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