KARACHI: A leading Turkish company, Arcelik, has acquired Dawlance Pakistan for dollars 243 million.
This was announced by the Chief Executive Office of Arcelik, Hakan Bulgurlu, here on Tuesday.
With this deal the Arcelik and Dawlance would grow together in Pakistan's market. Arcelik- a key player in global home appliances industry, had financial closing of the acquisition on November 2, 2016.
Arcelik has made a significant investment in Pakistan in line with its global growth strategy, Hakan added.
Hakan stated that Pakistan is a promising market with a population of approximately 200 million people and an increasingly growing economy.
`The acquisition of Dawlance is a significant milestone that consolidates our growth strategies in the region. We are pleased to expand our global outreach by adding Pakistan's leading home appliances brand into our group. We welcome all our Dawlance colleagues to Arcelik family', he added.
Hassan Jamil, Dawlance Head of Marketing, said on the occasion that `a new and exciting period lies ahead for all of us. I am confident that this combination will bring together great synergies and opportunities for Dawlance, to grow together as part of a larger and global organization'.
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