Turkey: Majority stake in Singer Bangladesh for Arcelik

By SM Najmus Sakib</p> <p>Dhaka, Bangladesh (AA) – Turkish appliance giant Arcelik has signed an agreement to acquire a majority stake in Singer Bangladesh for $75 million, an official announcement said on Sunday.</p> <p>Under the agreement, Ardutch BV, a wholly owned subsidiary of Arcelik, would acquire a 57 percent stake in Singer Bangladesh's majority shareholder Retail Holdings Bhold BV.</p> <p>The transaction is set to be done in April, said a press release, adding that the remainder of the shares are publicly owned.</p> <p>“Singer Bangladesh is a strategic fit for us, and this deal is a unique opportunity to invest in Bangladesh, a market which holds great untapped potential,” said Hakan Bulgurlu, Arcelik's CEO.</p> <p>“The Singer Bangladesh business will benefit significantly from the new relationship with Arcelik,” said Stephen H. Goodman, Retail Holdings NV's chairman, president, and CEO.</p> <p>Arcelik has a very strong balance sheet and decades of highly successful operating experience across many markets around the world.</p> <p>Singer Bangladesh will also have access to the extensive Arcelik brand portfolio, he added.</p> <p>Founded in 1955 as a subsidiary of Koc Holding, Arcelik, Turkey’s largest industrial conglomerate and a member of the Fortune 500, is a leading player in the home appliance industry with 21 manufacturing facilities in eight countries.</p> <p>It is the third-largest home appliance company in Europe.</p> <p>Singer Bangladesh is the largest retailer of consumer durables, with 385 stores and 720 wholesale dealers, in Bangladesh, the press release added.</p> <p>Its turnover last year was approximately $164 million and net profit after tax was approximately $11 million, it said.