Arçelik A S (Dawlance) and Hitachi Global Life Solutions, Inc have signed a share purchase agreement to establish a new joint venture company.
As part of this $300 million transaction, Hitachi GLS will establish a new company into which it will transfer its global home appliances business outside of Japan. Arçelik will acquire 60% ownership in the new company, which both partners aim to establish in the spring of 2021.
Arçelik has expanded its home appliance business in over 145 countries around the world. It is the 2nd largest manufacturer in Europe, and is seeing strong growth in South-Asia.