Arçelik (Dawlance), Hitachi ink agreement worth $300 million

KARACHI: Arçelik A S and Hitachi Global Life Solutions, Inc have signed a share purchase agreement to establish a new joint venture company. This historic partnership creates a major player in Asia-Pacific - the world's largest home appliances market, to expand global sales through a joint competitive supply-chain.

As part of this $300 million transaction, Hitachi GLS will establish a new company into which it will transfer its global home appliances business outside of Japan. Arçelik will acquire 60% ownership in the new company, which both partners aim to establish in the spring of 2021, after regulatory approvals.

Arçelik has consistently expanded its home appliance business in over 145 countries around the world. It is the 2nd largest manufacturer in Europe, while achieving strong growth in South-Asia.-PR

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