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Italy's Candy Group acquired 99 percent of Doruk Ltd.-STI, maker of the Susler brand, a leader in household appliances in Turkey. Doruk founder, Metin Suler, will keep a symbolic holding of 1 percent. It was Candy's third recent acquisition, starting with its purchase of Russian firm Vesta-Vyatka in September 2005, followed by Jinling in China in July of 2006.
The Susler brand has been a cooking appliance maker since 1947, and in 2006 produced 335,000 hobs cooktops, ovens and ranges. Candy says the company ranks as fourth in turkey in these appliances. The company also produces wall gas boilers, electrical water heaters, radiators, and cast iron stoves, and it has the No. 1 market share for solid fuel stoves. A total of 535,000 units were produced in the company's factory in Eskisehir, near the Turkish port city of Bursa. It exports about 55 percent of its production to 34 countries.
"It completes our industrial structure and market offer in the cooking sector through a range of products particularly aimed at fast-developing markets such as Russia and East Europe," said Candy Group Chairman Aldo Fumagalli. "Turkey is among those with the most elevated growth: it is expected to quickly become the fourth main market in Europe for appliances."
Fumagalli said the Eskisehir site will augment without overlapping the Candy manufacturing network in Europe and Asia. "It becomes the platform for launching the Hoover and Candy ranges in Turkey," he said. "We follow there our market strategy of the two international brands, Candy and Hoover, with middle-high positioning, and of the national brand tailored to the local market."
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