Beko parent company, Arçelik, will establish a new joint venture company with Hitachi Global Life Solutions in a deal valued at USD 300 million (A$390 million).
The new joint venture encompasses two production facilities in China and Thailand, as well as 10 sales companies across Asia with the license to use the Hitachi home appliance brand globally, excluding Japan.
The joint venture will manufacture, sell and provide after-sales service of Hitachi branded home appliances including refrigerators, washing machines and vacuum cleaners globally outside of the Japanese market.
Arçelik will acquire 60% ownership in the company with the deal set to be finalised by the end of Q2, subject to regulatory approvals.
In a statement shared with Appliance Retailer, Arçelik said the partnership with Hitachi is a major milestone in its global expansion and strengthening its position as a leading home appliance company globally.
“Arçelik’s advanced know-how, diverse portfolio of innovations and products, R&D capabilities, global presence and strong ties with business partners together with Hitachi’s strong brand heritage and high-end products will reveal powerful synergies and growth prospects across the globe,” the statement read.
“We firmly believe that this partnership will significantly advance our global strategies and leap Arçelik forward in our industry.”