Arçelik has published the balance sheet data relating to the fourth quarter of 2022. Sales increased by 74% compared to the corresponding period of 2021 from 22.5 to 39 billion Turkish liras, (1.9 billion euros at current exchange rates) mainly thanks to the internal market.
Exports were depressed in quantity but much more profitable thanks to the weakness of the Turkish lira and the low cost of energy in the group’s plants. From a published graph it seems to understand that in Italy sales have contracted by about 5%, less than the European average.
Leveraging, i.e. the ratio between assets and debt, decreased in the fourth quarter thanks to the significant cash generation (the gross margin is around 29%).
The 75/25 division is only a hypothesis, to be confirmed on the basis of the 2022 financial statements. The new company will be able to use the Whirlpool brand on its products for 40 years. Whirlpool assets in Africa and the Middle East sold for just 20 million
From left: Fatih Kemal Ebiçlioğlu, Consumer Durables Group President of Koç Holding, Marc Bitzer, Whirlpool Cooperation CEO, Hakan Bulgurlu, Arçelik CEO
While the Stock Exchanges gave their judgment on the operation, making Arçelik’s shares rise by 9% in Istanbul and those of Whirlpool in New York by 0.4%, new details emerge from a press release by Arçelik on the fate of Whirlpool Emea’s activities.
Object of the agreement: The agreement includes Whirlpool’s 38 European subsidiaries and 9 manufacturing sites in Italy, Poland, Slovakia and the United Kingdom, as well as Arçelik’s 2 manufacturing plants in Romania and its 25 European subsidiaries. Together, this will translate into a production capacity of approximately 24 million white products annually.
Contractors . Shareholders in the new company are Whirlpool Emea Holdings LLC and Arçelik’s wholly owned subsidiary Ardutch , a Dutch holding company through which Arçelik controls its European operations. The deal will see both Ardutch and Whirlpool transfer their European subsidiaries to the new company Division of shares. After these transfers, it is expected that 75% of the new company will be assigned to Ardutch BV and 25% to Whirlpool. The final ownership ratio post-closing will be determined taking into account the respective 2022 EBITDA, net asset values, net debt and net working capital of the parties.
Size and brand portfolio. The new business is expected to have more than 20,000 European employees. The combined net sales of the Arçelik and Whirlpool subsidiaries are approximately €6 billion, based on the net sales of the companies’ European operations in 2021. The new company will manufacture, sell and provide after-sales services for branded home appliances (including refrigerators , washing machines, vacuum cleaners, etc.) offering consumer choice across a range of Arçelik brands, including Grundig, Arctic, Elektrabregenz, Flavel and Leisure, alongside Whirlpool’s existing brands Indesit, Hotpoint*, Ignis, Privileg and Bauknecht. The company will have regional trademark rights to Arçelik’s Beko, Blomberg and Altus brands and Whirlpool Corporation’s Whirlpool brand for a period of 40 years.The sale of the Whirlpool businesses in Africa and ME. Separately, the parties also agreed to sign a stock purchase and sale agreement within six weeks for Whirlpool to divest its Middle East and North Africa (MENA) portion of the EMEA region to Ardutch (and therefore not to the new company), for a cash amount of 20 million euros. The transaction, when completed, would result in Ardutch acquiring full ownership of two additional Whirlpool subsidiaries located in the United Arab Emirates and Morocco.The comment of Arçelik’s group leader. Levent Çakıroğlu , CEO of Koç Holding (the parent company of Arçelik), commented, “ As Turkey’s largest industrial conglomerate, we continue to strengthen our impact with global success stories ranging from the UK to India, from South Africa to the United States. Today, Koç Group companies export to more than 150 countries. Arçelik, as a respected player in his industry, is taking his vision and ambitions forward with this new independent business. The opportunity for this business to deliver value to European consumers with market leading products through trusted brands and a commitment to sustainability in the home is significant. ”
Beko has been ranked 17th in The Real Leaders Top 300 Impact Companies of 2023 ranking. The Real Leaders Impact Awards are annual awards that recognize companies that are driving a positive impact on the environment, while achieving significant business growth.
Through the motto “a healthy life is only possible on a healthy planet”, Beko is a company focused on empowering the new generations so that they can live a healthier life, knowing that it is only possible on a healthy planet, with an existence more sustainable. Beko’s ranking on The Real Leaders list demonstrates that the company’s commitment to sustainability is aligned with its mission. And it is that Beko strives every day to encourage others with its sustainable business practices.
Sustainable practices are part of Beko’s DNA. In 2022, his parent company, Arçelik, was recognized by the World Economic Forum (WEF); and its Ulmi plant, in Romania, awarded Sustainability Lighthouse status for its implementation and use of state-of-the-art technology to improve energy and water efficiency. This achievement makes it one of ten Sustainability Lighthouse centers in the Global Lighthouse Network and demonstrates the company’s leadership in lean and sustainable manufacturing.
Throughout 2022, Beko has placed innovation at the heart of its sustainable development. With the global launch of AquaTech®, the brand has been able to demonstrate how high-quality performance and sustainable technology can co-exist in consumers’ homes, offering up to30% less energy consumption than the class limit. energetic a.
Launched in September 2022, Beko’s SaveWater technology continued this trend of continuous innovation for more sustainable technology.
In the words of Hakan Bulgurlu, CEO of Arçelik, Beko’s parent company: “We are honored to be recognized as one of The Real Leaders 300 Most Impactful Companies of 2023. As a global company, we believe we have a responsibility to promote sustainability in every way possible, from the technologies we develop to our production methods, partners and supply chains.”
Arçelik, Beko’s parent company, is ranked 16th in The Real Leaders®️ Top 300 Impact Companies of 2023
Beko Italy has been recognized and certified, for the first time in its history, as a Great Place to Work. The acknowledgment comes from the homonymous consultancy firm specialized in analyzing the corporate climate. The process started long ago, from the voice of the employees: first of all, the company listened carefully to the opinions of the company’s collaborators through detailed surveys on the company climate and work experience, and then analyzed the company’s internal management policies. He thus decreed that the company has all it takes to receive the certification that certifies the quality of its working environment. Francesco Misuralli, CEO of Beko Italy, commented on the goal as follows: “This achievement is an expression of the value of our reality – commented Francesco Misuralli
Beko is planning aggressive moves in 2022-23, with the goal of increasing brand awareness and achieving sales of 2 billion baht by next year
Beko Thai’s commercial director, Pornchai Trakultechadej, said in an interview the decision was made after the company discovered that less than one in 10 Thai people can still pronounce the proper name of Beko, despite the brand being in the country for seven years.
Some people recognised the brand, but not enough to switch to Beko, he noted.
He revealed that the company plans to double its marketing investment in the Thai market next year, with 85% of the budget, or approximately 200 million baht, going towards digital campaigns focusing on home appliances such as refrigerators, washing machines and dryers, and air-conditioners.
Beko, one of the top three large-home appliances brands in Europe*, today announced a new partnership with Water.org to support a community programme that will empower 10,000 Kenyans in need with access safe water and sanitation solutions
Arçelik’s washing machine factory in Ulmi, Romania, ranked among the most advanced in the world in terms of environmental sustainability. Indeed, Arçelik, a global appliance manufacturer and subsidiary of Turkey’s largest industrial conglomerate, Koç Holding, has been awarded Sustainability Lighthouse status by the World Economic Forum (WEF) for its manufacturing plant . ‘Ulmi, Romania. A recognition that rewards effective measures in terms of energy performance applied on the site. This follows the already existing statusArçelik as a Global Lighthouse awarded by WEF to its Ulmi plant in 2019 and Eskişehir plant in 2021 for the successful adoption of Fourth Industrial Revolution (4IR) technologies to improve productivity and performances.
Turkish home appliance magnate plans to use Egypt as an export hub and provide jobs for thousands of Egyptians
Turkey’s largest home appliance manufacturer Arcelik will invest $100m to establish a new factory in Egypt, according to a statement released by the Egyptian trade ministry on Sunday, as both countries continue to mend ties after a years-long rift.
Arcelik CEO Hakan Bulgurlu visited Sharm el-Sheikh over the weekend, where he met Egyptian Minister of Trade and Industry Ahmed Samir to discuss investment opportunities.
Samir said that during the meeting, they reviewed Arcelik’s project, which will be completed by the end of 2023 and is projected to manufacture an annual capacity of 1.5 million household appliances, according to the statement.
The investment is expected to provide 2,000 direct jobs for Egyptians.
The minister added that the project aims to meet his country’s need for appliances, as Arcelik plans to make Egypt a hub for producing and shipping products to foreign markets.Local media has suggested that Arcelik will break ground on the plant on 7 December.
Beko, one of the leading home appliances brands in Europe*, is delighted to announce its integration with Youreko, an energy efficiency tool that helps consumers choose sustainably and understand the financial running costs when choosing new appliancesThe integration of the Youreko tool on Beko’s website, displays information to consumers on how energy efficient Beko’s appliances are when compared with traditional models and how much money the consumers could save in the long run with manufacturer’s appliances. The tool supplements the listings of Beko’s washing machines, washer dryers, tumble dryers, dishwashers, refrigerators and freezers.Currently operational on the Beko UK website, the Youreko partnership will be further implemented on Beko’s websites in Romania and Poland, helping consumers across Europe to calculate their cost saving potential.
Resource efficiency is a key priority for Beko, particularly in the current economical and climate-conscious environment. This integration with Youreko is an extension of the brand’s ongoing commitment to providing products for their consumers to encourage sustainable living.
The tool helps consumers on Beko’s websites by providing more information on the energy consumption and financial cost of running a particular appliance. Utilising an easy-to-read gold, silver or bronze tiered rating system, the tool signals where money and energy can be conserved most, helping consumers make more informed buying decisions.
By integrating Youreko into its products, Beko is also able to make a smart-recommendation to the consumers based on a product’s energy efficiency rating. This calculation is based upon a comparison against a more traditional, like-for-like model of the applianc
The CEO of Arcelik, one of the world’s biggest home appliance makers, told Xinhua recently that China is a bright spot for business amid global recession fears and an increasingly gloomy market outlook.
Speaking of the present headwinds against the world economy, Hakan Bulgurlu said, “we will have to go through a lot of pain before it gets better.”
China, however, is “a little bit of a different picture,” he said in a video interview with Xinhua.
Established in 1955, Arcelik is a Turkish multinational household appliances manufacturer headquartered in Istanbul. With 45,000 employees, its global operations include subsidiaries in 53 countries, 30 production facilities in nine countries.
Arcelik’s domestic sales in China have grown by roughly 80 percent in 2022.
“I find China one of the more promising places to be in the future. It has always been the factory of the world, and I think it will continue to be the factory of the world,” said Bulgurlu.
“The world economy has significantly slowed down, and we are facing a recession on many fronts,” said the Turkish businessman, who had lived in Hong Kong for 13 years.
Calling himself “a big fan” of China and Asia, Bulgurlu said he is optimistic about the business performance in the future Chinese market. “I think demand for appliances continues. We want to continue investing in China to actually bring our brands in.”According to Bulgurlu, four product groups, namely heating and cooling, refrigeration, lighting and electric motors, consume about 40 percent of all power. Many current technologies have made these production much more efficient.
“We need global regulations to make us use the best available technologies in all of these product groups to reduce power consumption,” he said.
Regarding the upcoming COP27 meeting, he said “I hope to make some progress and talk not only with policymakers but other CEOs as well.”
“I actually admire China in the sense that when China makes a decision, it follows through very, very fast,” Bulgurlu said.
