Arçelik Completes Acquisition of Whirlpool's Moroccan and UAE Subsidiaries and Operations in MENA Region

• Arçelik, consumer brand Beko's parent company, completes acquisition of Whirlpool's MENA operations, marking a significant milestone in its growth strategy
• Through this transaction, Arçelik now owns Whirlpool's UAE and Morocco entities and manages Whirlpool's MDA business operations in the MENA region
• By combining its deep industry expertise with Whirlpool's invaluable know-how, regional infrastructure and market presence, Arçelik will work to solidify and expand its footprint in the region
• The brands we will offer in the MENA market through such acquisition are Whirlpool, Ariston, Indesit, Hotpoint, Hotpoint-Ariston, Bauknecht, Privileg and Ignis

ISTANBUL, April 3, 2024 /PRNewswire/ -- Today marks the completion of the transaction for Arçelik, Beko's parent company, to acquire full ownership of Whirlpool's Middle East and North Africa (MENA) operations. Through this acquisition, Arçelik now owns Whirlpool's UAE and Morocco entities and manages Whirlpool's MDA business operations in the MENA region.

With the integration of Whirlpool's MENA business, Arçelik achieves another significant milestone in its transformative growth journey, reaffirming its standing as a leading global provider of sustainable home appliances, as part of its commitment to growth and delivering market-leading products and services to consumers and partners.

By leveraging Arçelik's deep industry expertise in combination with Whirlpool's regional infrastructure and market presence, Arçelik aims to solidify and expand its footprint in this high-growth region. The brands Arçelik will offer in the MENA market through such acquisition are Whirlpool, Ariston, Indesit, Hotpoint, Hotpoint-Ariston, Bauknecht and Ignis, while Whirlpool's Insinkerator, KitchenAid, Maytag business are excluded, and Whirlpool and Ariston are limited to licensee in the certain jurisdiction.

Akın Garzanlı, Chief Marketing Officer and Chief Customer Officer of MEA, Russia & CIS, expressed his excitement and confidence regarding the transaction, stating: "I am delighted to witness the successful completion of our strategic move to acquire Whirlpool's MENA operations. Arçelik is a leading global company in the home appliance industry with 55,000 employees and 45 production facilities. Soon, it will be adding a state-of-the-art factory in Egypt, which stands on the cusp of operation, ready to bring innovation and excellence to the market. With this new integration, we are inching closer to our ambition to become the number one home appliances company in the region. We reaffirm our dedication to delivering top-tier products to MENA consumers, emphasizing quality, durability, and sustainability. We will continue to prioritize the well-being of both the planet and its people, and remain attentive to the needs of our consumers, communities, and employees as we continue to grow and evolve sustainably."

On the 2nd of April, Arçelik announced that the successful completion of the definitive Contribution Agreement between Arçelik's wholly owned subsidiary Beko B.V. and Whirlpool Corporation's wholly owned subsidiary Whirlpool EMEA Holdings LLC, resulting in the creation of Beko Europe. Beko Europe's 75% shares is owned by Beko B.V and 25% shares is owned by Whirlpool Corporation. Arçelik, having accomplished these two significant milestones, will continue revolutionizing the industry, driving innovation, and delivering value to consumers worldwide.

About Arçelik

Beko has 55,000 employees throughout the world with its global operations through its subsidiaries in 57 countries, 31 R&D and 45 production facilities in 13 countries (Türkiye, UK, Italy, Romania, Slovakia, Poland, South Africa, Russia, Pakistan, India, Bangladesh, Thailand and China). Beko has 22 brands owned or used with a limited license (Arçelik, Beko, Whirlpool*, Grundig, Hotpoint, Arctic, Ariston*, Leisure, Indesit, Blomberg, Defy, Dawlance, Hitachi*, Voltas Beko, Singer*, ElektraBregenz, Flavel, Bauknecht, Privileg, Altus, Ignis, Polar). Beko becomes the largest white goods company in Europe and the second largest white goods company in the world with its market share and reached a consolidated turnover of 8 billion Euros in 2023. For the 5th consecutive year, Arçelik achieved the highest score in the DHP Household Durables industry (based on the results dated 27 October 2023) in the Dow Jones Sustainability Index of the S&P Global Corporate Sustainability Assessment. Arçelik's vision is "Respecting the World, Respected Worldwide."

*Limited to licensee in the certain jurisdiction.

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