Turkey's Arcelik, Grundig merge to increase their competitiveness
Güncelleme Tarihi:
Arcelik, Turkey's leading white goods producer, and its television-manufacturing unit Grundig Elektronik agree to merge in a bid to increase their competitiveness, the companies said in separate statements issued to the Istanbul Stock Exchange on Friday.
"The company decided to take a series of restructuring (measures) in a bid to increase its weight in the sector and benefit from the new opportunities in the best way possible by taking the developments in durable goods and consumer electronic sectors stemming from the developments in the global economy into consideration," Arcelik said in the statement.
Arcelik and Grundig, formerly Beko, are both affiliates of the Koc Holding conglomerate.
Arcelik also said that it was increasing its capital to 649.9 million lira ($382 million) from 400 million lira in a rights issue.
Arcelik said it was selling shares in finance company Koc Finansal Hizmetleri to other Koc group companies for 250 million lira, while Koc Holding said it was purchasing 201.6 million lira of these shares.