Zorlu Eyes Global TV Brand Acquisition to Boost Sales GrowthBy
Turkish company in negotiations to acquire Toshiba’s TV unit
Vestel Group targets sales growth of 10-15 percent this year
Zorlu Holding plans to expand Vestel’s business through the acquisition of Toshiba’s TV unit, Chairman Ahmet Nazif Zorlu said in an interview in Istanbul.
“Toshiba is a global TV brand. We can revitalize Toshiba, boosting our production,” Zorlu said on Monday. Talks between the parties continue, he said.
Zorlu’s Vestel Group of Companies on April 10 announced it was in talks for a possible acquisition. If the talks fail, Zorlu plans talks with another company as it needs a new brand amid global competition, Zorlu said. He did not name any company.
Vestel’s capacity increase efforts in its factory in western Turkish province of Manisa continue, and all investments will be completed in the first quarter of 2018, Zorlu said.
Vestel Elektronik shares rose as much as 1.8 percent to 6.86 liras in Istanbul. Shares were up 1.2 percent at 6.82 liras as of 4:24 p.m. local time, taking this year’s gain to 7.4 percent.
Other topics in Zorlu’s statements:
- “Vestel Group’s gross sales rose 3 percent to 9.5 billion liras ($2.67 billion) in 2016. The growth target is 10-15 percent this year”
- “With capacity investments, additional 750,000 washing machines and 900,000 dishwashers will be produced. We will also launch production of 750,000 dryers. Our total investment will be $150 million”
- “Vestel Group aims $3 billion in exports in 2019”
- “We will continue to invest in renewable energy. We will reach a capacity of 240 megawatts in geothermal at the end of 2017. We will have a capacity of 305 megawatts in 2018 and about 500 megawatts in 2020. We will invest $2.5 billion”
- “We have 56 megawatts of wind power plants in Pakistan. Agreements on a new 100 megawatt solar energy investment are completed. We will then have 200 megawatt solar power plants. All investments will be completed in 2018. The total investment will be $300 million”
- “We took over Osmangazi Elektrik Dagitim in February. We will invest in improvements for two years. We are in talks with the energy regulator on this issue”
- “Zorlu Energy reached an agreement to distribute solar panels in 26 countries with First Solar. We will also start panel production in Turkey in 2019 with an investment of $500 million. We plan to export 50 percent of the production”
- “We are producing nickel and cobalt in Gordes town in Manisa province. This material is used in battery production. Since we manufacture the raw material, we would like to enter battery technologies and start production. We are working on this subject”
Zorlu, Vestel’de Satınalma ve Yeni Yatırımla Büyümek İstiyor
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