Turkish household appliances manufacturer Arcelik has signed an agreement with the American company Whirlpool to acquire its Russian assets in the form of the JSC "Indesit International" and LLC "Whirlpool Rus" companies. This was said in a statement issued by the company on Tuesday.
It is noted that the amount of the transaction cannot exceed "the upper limit, which is estimated at about €220 million." "Both companies operate in Russia, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Armenia, Georgia, Azerbaijan, Kazakhstan, Belarus and Mongolia. Besides Stinol brand, which will be transferred together with the acquired companies, Indesit and Hotpoint brands will be used in the above mentioned countries. The companies, which are the subject of acquisition, have the production capacity for the production of 2.8 million units of equipment per year in Lipetsk, where refrigerators and washing machines are produced, the enterprises employ about 2,500 people," the statement reads
GSV "Russia - Islamic world"
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Based on materials from TASS