Turkey based Arçelik Group has announced that it has completed the acquisition of Dawlance Pakistan, said a statement issued by the company.
While all regulatory conditions, regarding the acquisition of production and sales companies operating in Pakistan under Dawlance brand, have been met a transfer of shares is likely to complete on November 7th, 2016.
Upon closing of the deal, Arçelik has said that it will continue to operate Dawlance’s two manufacturing sites in Karachi and one in Hyderabad along with extensive distribution, sales and service network across Pakistan.
Arçelik pursues leadership along the Silk Road
Arçelik A.Ş., pursuing leadership positions in the Silk Road countries, will incorporate Dawlance’s two manufacturing sites in Karachi and one in Hyderabad.
Dawlance is a leading home appliances brand in Pakistan, a promising market with 200 million people. The addition of Dawlance into Arçelik’s operational network will strengthen the company’s international position thanks to Dawlance’s strong brand awareness, extensive distribution, sales and service network, professional management and competent engineering staff.
Dawlance is a leading player in Pakistan in refrigeration, microwaves, air conditioning and laundry categories. It was founded in Karachi in 1980 and remained a privately-owned company till the acquisition. Dawlance employs 3,000 people across its network.
Dawlance reported 2015 revenues of $221 million and EBITDA of $45 million.
Arçelik is a global consumer company serving customers in 133 countries. Arçelik is owned by Koç Holding, a Fortune 500 company and Turkey’s largest industrial conglomerate, which operates in various sectors including energy, automotive, consumer durables and finance.
Arçelik recorded a consolidated turnover of USD 5.2 billion in 2015. At home in Turkey, Arçelik is the sustained market leader in white goods, consumer electronics and air-conditioning.