Turkish household appliances giant Arçelik announced it has signed an agreement with Whirlpool EMEA for the acquisition of Indesit International JSC and Whirlpool LLC.
Indesit JSC and Whirlpool LLC are active in Russia, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Armenia, Georgia, Azerbaijan, Kazakhstan, Belarus and Mongolia, according to a statement on Tuesday from Arçelik.
“As of the closing date, all shares of Indesit JSC and Whirlpool LLC will be directly owned, and their wholly owned subsidiary Whirlpool Kazakhstan LLP’s shares will be indirectly owned by Arçelik,” the statement read.
The acquired firms have facilities in the western Russian province of Lipetsk with a total production capacity of 2.8 million units of refrigerators and laundry products – and approximately 2,500 staff.
Arçelik added: “The cost of the acquisition will be no greater than an amount to be determined based on the figures…