A new appliance brand, Beko Europe, has launched – the move follows the completion of the major merger between Arçelik’s wholly owned subsidiary Beko B.V. and Whirlpool Corporation’s wholly owned subsidiary Whirlpool EMEA Holdings LLC.
The deal, which was provisionally approved by the Competition and Markets Authority (CMA) in February, has led the way for the creation of Beko Europe, following the closing of the Whirlpool transaction in the region.
The closing also completes the definitive agreement for Arçelik to acquire full ownership of Whirlpool’s Middle East and North Africa (MENA) operations in a separate transaction.
Based on production volumes in 2023, the combined share of Whirlpool’s European major domestic appliance business and Arçelik’s major domestic appliance, consumer electronics, air conditioning and small domestic appliance businesses, i.e. Beko Europe, is the largest in Europe.
Beko Europe has more than 20,000 employees and a production capacity of approximately 24 million home appliance products per year across 11 production sites.
Seventy five percent of the newly formed company is owned by Beko B.V and 25 percent by Whirlpool Corporation.
Globally, Arçelik will now have operations across 57 markets with around 55,000 employees. The company’s annual production capacity will also increase significantly as the total number of production facilities reaches 45.
Commenting on the merger, Hakan Bulgurlu, CEO of Arçelik, said: “We set clear targets to grow our business and transform our industry over the last ten years, all while delivering value for our consumers, our customers, our employees and our shareholders.
“Our growth has been propelled by considered acquisitions and ground-breaking joint ventures with leading businesses such as Singer in Bangladesh and Hitachi in Asia. The creation of Beko Europe and acquisition of Whirlpool’s MENA assets, marks yet another pivotal milestone in Arçelik’s journey and our tenth year of continuous growth. As one of the global leaders, with strong positions in mature and high growth, markets, today we reinforce our ability to be a force for progress and change, in service of planet and people.”
Marc Bitzer, chairman and CEO, Whirlpool Corporation, said: “We are pleased to achieve this significant moment in completing our transaction with Arçelik to form Beko Europe.
“This milestone begins an exciting new chapter in creating greater value for European consumers through attractive brands, sustainable manufacturing, product innovation and consumer services. We look forward to the considerable opportunities Beko Europe will unlock for consumers in the constant pursuit of improving life at home.”
The deal, which was provisionally approved by the Competition and Markets Authority (CMA) in February, has led the way for the creation of Beko Europe, following the closing of the Whirlpool transaction in the region.
The closing also completes the definitive agreement for Arçelik to acquire full ownership of Whirlpool’s Middle East and North Africa (MENA) operations in a separate transaction.
Based on production volumes in 2023, the combined share of Whirlpool’s European major domestic appliance business and Arçelik’s major domestic appliance, consumer electronics, air conditioning and small domestic appliance businesses, i.e. Beko Europe, is the largest in Europe.
Beko Europe has more than 20,000 employees and a production capacity of approximately 24 million home appliance products per year across 11 production sites.
Seventy five percent of the newly formed company is owned by Beko B.V and 25 percent by Whirlpool Corporation.
Globally, Arçelik will now have operations across 57 markets with around 55,000 employees. The company’s annual production capacity will also increase significantly as the total number of production facilities reaches 45.
Commenting on the merger, Hakan Bulgurlu, CEO of Arçelik, said: “We set clear targets to grow our business and transform our industry over the last ten years, all while delivering value for our consumers, our customers, our employees and our shareholders.
“Our growth has been propelled by considered acquisitions and ground-breaking joint ventures with leading businesses such as Singer in Bangladesh and Hitachi in Asia. The creation of Beko Europe and acquisition of Whirlpool’s MENA assets, marks yet another pivotal milestone in Arçelik’s journey and our tenth year of continuous growth. As one of the global leaders, with strong positions in mature and high growth, markets, today we reinforce our ability to be a force for progress and change, in service of planet and people.”
Marc Bitzer, chairman and CEO, Whirlpool Corporation, said: “We are pleased to achieve this significant moment in completing our transaction with Arçelik to form Beko Europe.
“This milestone begins an exciting new chapter in creating greater value for European consumers through attractive brands, sustainable manufacturing, product innovation and consumer services. We look forward to the considerable opportunities Beko Europe will unlock for consumers in the constant pursuit of improving life at home.”
