ANKARA (Turkey), October 2 (SeeNews) – Turkish white goods manufacturer Arcelik [IST:ARCLK] said that its China-based fully owned subsidiary Beko Electrical Appliances signed a deal to sell its washing machine factory in Changzhou city to local Jiangsu Konka Smart Home Appliances Co. Ltd. for 112.55 million Chinese yuan ($16.6 million/14 million euro).
The agreement also includes the right to use the land where the factory is located and the fixed assets within the facility, Arcelik said in a filing with the Istanbul bourse’s public disclosure platform KAP on Wednesday.
The transaction, subject to closing conditions, is expected to be completed in three months from the signing of the asset transfer agreement, Arcelik said.
Following the sale, Beko Electrical Appliances will engage in selling and marketing products imported by Arcelik from its factories outside of China.
(1 euro = 7.95313 Chinese yuan)
