Turkish white goods firm Vestel has bought two British home appliance brands to strengthen its position in the global market.
According to a company statement Wednesday, the new deal with U.K.-based Crosslee PLC will help Vestel get a foothold in new markets while strengthening its presence in Europe and the U.K.
The deal was for the acquisition of the Hostess and White Knight business trademarks, intellectual property rights, domain names and equipment related to the trademarks.
Vestel CEO Turan Erdoğan said the company was focused on increasing its competitive advantages with strategic market-oriented business cooperation and brand acquisitions, supporting Vestel’s strength in production and exports.
With this latest acquisition, Erdoğan said, “We will strengthen our position in the U.K. as well as increase our contribution to the country’s exports by focusing on different markets.”
The registration process for the trademark transfer is being completed in the EU, while the process continues in some non-EU countries.