Turkey-based Arçelik A.S, one of the leading home technologies manufacturer, has today announced that it has finalized the acquisition of Dawlance Pakistan. Earlier this year, Arcelik had announced that it is going to acquire Dawlance for a sum of $258 million.
News of Arçelik pursuing the acquisition of Dawlance brand was first made available by both companies on 30 June, 2016. This follow-up confirms that all the closing conditions have been satisfied regarding the acquisition of production and sales companies operating in Pakistan under Dawlance brand. The transfer of shares is expected to be completed by 7 November 2016.
Arçelik A.Ş., pursuing leadership positions in the Silk Road countries, will incorporate Dawlance’s two manufacturing sites in Karachi and one in Hyderabad.
Arçelik operates in 130 countries, and manages 10 core brands (Arçelik, Beko, Grundig, Defy, Arctic, Blomberg, Elektrabregenz, Leisure, Flavel and Altus), with sales and marketing offices located in 30 countries. The company has 27.000 employees worldwide and 15 manufacturing facilities in Turkey, Romania, China, South Africa and Thailand.
Dawlance is a leading home appliances brand in Pakistan, a promising market with 200 million people. It operates in five categories: refrigerators, air -conditioners, microwave ovens, washing machines and freezers. It has been recognized as the 3rd most favorite brand of Pakistan, among all industries, according to an independent consumer survey.
With the closing of the acquisition of Dawlance in Pakistan, Arçelik will employ a total workforce of 30,000 worldwide and will have a global production base of 18 manufacturing facilities in seven countries including Turkey, Romania, Russia, China, South Africa and Thailand.