Arcelik AS logo

ARCLK - Arcelik AS News Story

TRY31.96 0.0  0.0%

Last Trade - 13/04/21

Sector
Consumer Cyclicals
Size
Mid Cap
Market Cap £1.92bn
Enterprise Value £2.39bn
Revenue £3.65bn
Position in Universe 22nd / 645

Hitachi to sell overseas home appliance biz to Turkey's Arcelik -Nikkei

Sun 13th December, 2020 4:14am
TOKYO, Dec 13 (Reuters) - Japan's Hitachi Ltd  6501.T  plans
to sell a 60% stake in its overseas home appliance business to
Turkish consumer electronics maker Arcelik AS  ARCLK.IS  for
about $300 million, and jointly operate the business, the Nikkei
newspaper said on Sunday. 
    The Japanese industrial conglomerate aims to improve profit
via the deal with the Turkish company - which has a business
network in Europe and Africa - by expanding sales of its
Hitachi-brand appliances, the paper said without citing sources.
    The overseas business of Hitachi Global Life Solutions Inc,
its home appliance unit, is worth about $500 million, according
to Nikkei. The unit sells products in China and Southeast Asia,
but 80% of its revenue comes from Japan, the paper said. 
    The deal comes as Hitachi steps up business divestments and
is aimed at reinforcing the home appliance unit against fierce
competition abroad from Chinese competitors, the paper said.
 urn:newsml:reuters.com:*:nL4N2GQ1OD
    "The report is not based on our announcement," a Hitachi
spokesman said. 
    "We are making various considerations to improve our
corporate value, but nothing concrete has been decided." 

 (Reporting by Yuka Obayashi; Editing by Tom Hogue)
 ((Yuka.Obayashi@thomsonreuters.com; +813-4563-2761;))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.