Turkey’s Arçelik working on deals to expand international presence
LONDON - Reuters
Turkish home appliances maker Arçelik is working on acquisitions to speed up its international expansion, particularly in Asia, its chief executive said on March 20.
“We think there will be significant demand growth coming from Southeast Asia and the Indian subcontinent,” Hakan Bulgurlu told Reuters, citing Indonesia, Vietnam and the Philippines, as well as Bangladesh, Pakistan and India.
“They’re all focus areas for us.”
The company, which sells washing machines, dryers and refrigerators under brands such as Beko and Grundig, said international markets should account for 65 percent of its sales this year, up from 60 percent in 2016.
Bulgurlu said that percentage should reach 80 percent in a few years as the company continues its strategy of overseas deals.
Arçelik is a subsidiary of Koc Holding, Turkey’s biggest industrial conglomerate.
The company stood by its forecast for revenue to grow 20 percent this year from the 16.1 billion Turkish Liras ($4.43 billion) it reported in 2016, even though its home market could see greater sales growth than it originally expected due to a government plan to temporarily reduce a tax on white goods in order to spur demand.