Arçelik, one of Turkey's leading home appliance manufacturers, announced that it has signed an agreement to sell its 60 percent stake in Arçelik Hitachi Home Appliances B.V. to another partner, Hitachi Global Life Solutions.
According to the company, the total value of the transaction is $205 million in cash at the initial stage and an additional $56 million to be paid in installments over three years after closing. In addition, a certain portion of the company's available cash on the closing date will also be added to the final amount.
It was reported that Hitachi plans to restructure these assets within the framework of a strategic partnership it will establish with Nojima Corporation in the future. According to the agreement, the management of Arçelik Hitachi will indirectly be controlled by Nojima Corporation.
After the sale is completed, 12 subsidiaries of the company, as well as production and research centers in China and Thailand, will also be included in the new structure. In addition, the existing joint venture agreement between the parties will be terminated.
