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Turkish company Archelik to acquire Indesit International JSC and Whirlpool Rus LLC

The companies that are the subject of the acquisition have a production capacity of 2.8 mln units per year in Lipetsk, where refrigerators and washing machines are manufactured, and employ around 2,500 employees

ANKARA, June 28. /TASS/. Turkish home appliance manufacturer Arcelik signed an agreement with Whirlpool to acquire its Russian assets in the form of Indesit International JSC and Whirlpool Rus LLC, the company said on Tuesday.

It was noted that the amount of the transaction cannot surpass the upper limit, which is estimated at around 220 mln euro.

According to the statement, both companies operate in Russia, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Armenia, Georgia, Azerbaijan, Kazakhstan, Belarus, and Mongolia. In addition to the Stinol brand, which will be transferred along with the acquired companies, Indesit and Hotpoint brands will be used in the mentioned countries.

The companies that are the subject of the acquisition have a production capacity of 2.8 mln units per year in Lipetsk, where refrigerators and washing machines are manufactured, and employ around 2,500 employees, the statement said.

It was also reported that the completion of the deal is subject to legal permits included in the agreement.