Page 107 - TURKRptDec19

9.2.11 ​Other sector corporate news
● Arcelik
Arcelik, owned by Turkey’s largest industrial group Koc Holding, has 23 production facilities in nine countries.
Its Beko brand is the largest player in the European free-standing white goods market and the second largest in home appliances brands across the continent.
Arcelik updated its domestic white goods market contraction forecast for 2019 to 15% y/y from the previous 5% y/y while it kept its 2% y/y growth estimate for the global market. The company also cut its revenue growth estimate to 20-25% y/y for 2019 from the previous 25-30% y/y.
The ratings of Arcelik are above the Turkish Country Ceiling, reflecting Fitch's expectations that Arcelik has sufficient structural enhancements that would mitigate transfer and convertibility risks.
● Sabanci Holding
Sabanci Holding, founded in 1967, is active in banking and financial services (Akbank, Avivasa), energy (Enerjisa), cement, retail (Teknosa, Carrefoursa) and industry sectors.
107​ TURKEY Country Report​ December 2019 ​ ​www.intellinews.com