Page 10 - Arçelik PR REPORT - APRIL 2024

Arçelik Completes Acquisition of Whirlpool's Moroccan and UAE
Subsidiaries and Operations in MENA Region

• Arçelik, consumer brand Beko’s parent company, completes acquisition of Whirlpool's
MENA operations, marking a significant milestone in its growth strategy
• Through this transaction, Arçelik now owns Whirlpool’s UAE and Morocco entities and
manages Whirlpool's MDA business operations in the MENA region
• By combining its deep industry expertise with Whirlpool’s invaluable know-how, regional
infrastructure, and market presence, Arçelik will work to solidify and expand its footprint
in the region
• The brands we will offer in the MENA market through such acquisition are Whirlpool,
Ariston, Indesit, Hotpoint, Hotpoint-Ariston, Bauknecht, Privileg and Ignis

Istanbul, Turkiye- Today marks the completion of the transaction for Arçelik, Beko’s parent
company, to acquire full ownership of Whirlpool’s Middle East and North Africa (MENA)
operations. Through this acquisition, Arçelik now owns Whirlpool’s UAE and Morocco entities, and
manages Whirlpool's MDA business operations in the MENA region.

With the integration of Whirlpool’s MENA business, Arçelik achieves another significant milestone
in its transformative growth journey, reaffirming its standing as a leading global provider of
sustainable home appliances, as part of its commitment to growth and delivering market-leading
products and services to consumers and partners.

By leveraging Arçelik’s deep industry expertise in combination with Whirlpool's regional
infrastructure and market presence, Arçelik aims to solidify and expand its footprint in this high-
growth region. The brands Arçelik will offer in the MENA market through this acquisition are
Whirlpool, Ariston, Indesit, Hotpoint, Hotpoint-Ariston, Bauknecht and Ignis, while Whirlpool’s
Insinkerator, KitchenAid, Maytag business are excluded, and Whirlpool and Ariston are limited to
licensee in the certain jurisdiction.

Akın Garzanlı, Chief Marketing Officer and Chief Customer Officer of MEA, Russia & CIS,
expressed his excitement and confidence regarding the transaction, stating: “I am delighted to
witness the successful completion of our strategic move to acquire Whirlpool’s MENA operations.
Arçelik is a leading global company in the home appliance industry with 55,000 employees and 45
production facilities. Soon, it will be adding a state-of-the-art factory in Egypt, which stands on the
cusp of operation, ready to bring innovation and excellence to the market. With this new
integration, we are inching closer to our ambition to become the number one home appliances
company in the region. We reaffirm our dedication to delivering top-tier products to MENA
consumers, emphasising quality, durability, and sustainability. We will continue to prioritise the
well-being of both the planet and its people, and remain attentive to the needs of our consumers,
communities, and employees as we continue to grow and evolve sustainably.”

On the April 2, 2024, Arçelik announced the successful completion of the definitive Contribution
Agreement between Arçelik’s wholly owned subsidiary Beko B.V. and Whirlpool Corporation’s
wholly owned subsidiary Whirlpool EMEA Holdings LLC, resulting in the creation of Beko Europe.
Beko Europe’s 75 per cent shares are owned by Beko B.V and 25 per cent of shares are owned by
Whirlpool Corporation. Arçelik, having accomplished these two significant milestones, will

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