Turkey based Koç Holding’s home appliance maker Arçelik has completed the acquisition of Pakistan based Dawlance, for $243.2 million. The company reported that the purchase will take place through Arçelik subsidiary firm Ardutch BV located in the Netherlands .
Arçelik also told that they will continue to operate two Dawlance manufacturing sites in Karachi and one in Hyderabad along with an extensive distribution, sales and service network across Pakistan. With this investment Arçelik will have 30,000 employees in seven countries in their 18 facilities.
Earlier this year Arçelik announced that it would acquire Dawlance for a sum of $258 million, which was then announced to be readjusted, in accordance with its growth strategy in emerging markets.
Dawlance is a Pakistani manufacture of major home appliance’s based in Karachi. Founded in 1980.Dawlance has three factories, two sites in Karachi and one in Hyderabad, with a total of 4,000 employees. It has 37 branches in addition to 750-plus franchises across the country. It manufacture’s washing machines, freezers, split air conditioner and microwave ovens.
In 2015, Dawlance had revenues of $220.6 million selling product’s in Pakistan and Middle East
Founded in 1955, Arçelik is a household appliances manufacturer from Turkey. It is active in more than 130 countries. The Company operates 15 production plants in Turkey, Romania, Russia, China, South Africa and Thailand. It offers products under its own Eleven brand names, including Arçelik, Beko, Grundig, Dawlance, Altus, Blomberg, Arctic, Defy, Leisure, Arstil, Elektra Bregenz and Flavel.
The company is controlled by Koç Holding, Turkey’s largest industrial and services group.
About Koç Holding
Founded in 1926, Koç Holding is one of the largest companies in Europe. The shares of 16 Koç Group companies are traded on the Istanbul Stock Exchange; together, the groups comprise 113 companies, 90,000 employees, and 14,000 dealers, agencies, and after-sales services people. Listed at number 248 in 2011, Koç Holding is the only Turkish company to be listed in Fortune Global 500 list.