Turkish company spends $243m to acquire Dawlance

USMAN HANIF

Turkish Company Arçelik CEO Hakan Bulgurlu has said that they were going to invest more than $40 million in Dawlance company excluding $243 million the price they paid to acquire Dawlance.

While addressing a press conference here on Tuesday, the Arçelik CEO with his senior management and management of Dawlance said Pakistan was a promising market with a population of approximately 200 million people and an increasingly growing economy so we were looking a great growth of our company in this country.

Following the disclosure made on June 30, 2016, Arçelik announced that it has obtained all required approvals from regulatory bodies and completed the closing transaction of Dawlance. The share transfer was completed on November 2, 2016.

“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,” said Hakan Bulgurlu. “By transferring Arçelik’s technology know-how and innovation capabilities we will invest in Dawlance to develop the business,” Bulgurlu added.

Bulgurlu said the Arçelik operated in Europe, Middle East and Africa, Asia and with Dawlance joining Arçelik, it has now 11 brands, 18 manufacturing facilities in seven countries including Turkey, Russia, Romania, China, South Africa, Thailand and Pakistan, with a total workforce of 30,000 people worldwide.

‘Now that Dawlance is part of Arçelik, we will have even stronger scale, breadth and capabilities to compete more effectively and profitably in the global marketplace’, he added.

“Subsequent we can export home appliances from Pakistan to Afghanistan, Iraq, Bangladesh, Sri Lanka and other neighbouring countries,” he said.

“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,” said Hassan Jamil, Head of Marketing, Dawlance.