Dawlance Group, a Pakistani privately owned manufacturer of consumer durables has been acquired by the Turkish household appliances manufacturer Arçelik A.S., for $258 million.
According to local media reports, the foreign investors are 0paying a lot of attention towards Pakistani companies, as Dawlance which is also Pakistan’s leading home appliance maker, has become the third local company alone this year to be acquired by a foreign company.
As per earnings details provided by Dawlance to Arcelik, the home appliance maker had revenues of $220.6 million in 2015, whereas, the company’s net debt amounted to $30 million at the end of 2015, according to Deutsche Bank.
It should also be mentioned that Dawlance reportedly made $41 million in total sales in 2015.
Coming to Arcelik, the Turkish giant is the sixth largest home appliance maker in the world and with its acquisition of Dawlance, would definitely expand its global footprint.
Whereas, Dawlance itself is one of the major players in Pakistan’s white goods market, which comprises of PEL, Haier, Orient and Dawlance itself. The company dominates in the microwaves segment having some 70pc market share, and is also the largest player in Pakistan’s refrigerator segment with up to 45pc market share.
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