Dawlance Group from Pakistan has signed an acquisition deal worth $258 million with Turkey’s Arçelik AS Group. The Turkish company has cited favorable economic conditions for the deal.
Dawlance is Pakistan’s leading home appliance maker, privately owned by Suleiman Dawood. It has become the third Pakistani company that has been acquired by a foreign company in 2016 alone. Dawlance has reportedly enjoyed $41 million in total sales in 2015 alone.
The Turkish company Arcelik is the world’s sixth largest home appliance maker. Its move to buy out Dawlance shares will undoubtedly expand the Turkish company’s footprint globally.
3 production plants in two different locations will be added to Arcelik’s global production network, including Dawlance’s manufacturing plant in Hyderabad. Dawlance currently has 16 regional offices all across Pakistan with up to 2,000 sales points.