Home appliance business Beko Europe has now launched, after the completion of the Contribution Agreement between Arçelik’s wholly-owned subsidiary Beko and Whirlpool EMEA Holdings.

CEO of Arçelik Hakan Bulgurlu

The closing also completes the definitive agreement for Arçelik to acquire full ownership of Whirlpool’s Middle East and North Africa (MENA) operations in a separate transaction.

Based on production volumes in 2023, Beko Europe, is the largest in Europe, according to Euromonitor Passport Trade Statistics.

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Beko Europe has more than 20,000 employees and a production capacity of approximately 24 million home applianceproducts per year across 11 production sites.

The newly formed company is owned by Beko B.V, with 75%, and the remaining 25% share is owned by Whirlpool Corporation.

Globally, Arçelik will now have operations across 57 markets with around 55,000 employees. The combined revenue of Arçelik reaches approximately €11 billion based on 2023 results.

The company’s annual production capacity will also increase significantly as the total number of production facilities reaches 45.

Commenting on the closing of the transactions, CEO of Arçelik Hakan Bulgurlu said: “We set clear targets to grow our business and transform our industry over the last ten years, all while delivering value for our consumers, our customers, our employees and our shareholders.

“Our growth has been propelled by considered acquisitions and ground-breaking joint ventures with leading businesses such as Singer in Bangladesh and Hitachi in Asia.

“The creation of Beko Europe and acquisition of Whirlpool’s MENA assets, marks yet another pivotal milestone in Arçelik’s journey and our tenth year of continuous growth.

“As one of the global leaders, with strong positions in mature and high growth markets, today we reinforce our ability to be a force for progress and change, in service of planet and people.”

In addition, chairman and CEO of Whirlpool Corporation Marc Bitzer said: “We are pleased to achieve this significant moment in completing our transaction with Arçelik to form Beko Europe.

“This milestone begins an exciting new chapter in creating greater value for European consumers through attractive brands, sustainable manufacturing, product innovation and consumer services.

“We look forward to the considerable opportunities Beko Europe will unlock for consumers in the constant pursuit of improving life at home.”

CEO of Beko Europe Ragıp Balcıoğlu commented: “Today is the first day in Beko Europe’s journey to establish sustainable living in every home in Europe.

“By combining our respective footprints, we achieve scale, now we must work tirelessly to ensure this scale serves the needs of our customers and consumers.

“We will be a responsible partner to the industry and consumers, actively using our market leading position to raise standards, address efficiency, and drive innovation in the pursuit of a better future.

“By understanding our customers’ and consumers’ changing needs, we aim to power the European household appliance industry forward to a brighter, more competitive, and eco-friendly landscape.

Our exceptional and highly complementary teams will be critical in delivering against this ambition.”