Page 15 - Arçelik PR REPORT - APRIL 2024

4/18/24, 11:52 AM Arçelik Completes Acquisition of Whirlpool's Moroccan and UAE Subsidiaries and Operations in MENA Region | Web Release
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.

Ak?n Garzanl?, 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 continue

revolutionising the industry, driving innovation, and delivering value to consumers worldwide.

https://web-release.com/arcelik-completes-acquisition-of-whirlpools-moroccan-and-uae-subsidiaries-and-operations-in-mena-region/ 2/2