Turkish household appliance maker Arçelik said it bought a Chinese washing machine manufacturer as part of it strategy to expand in China.
Arçelik said it will pay 60 million yuan (US$8 million) for Changzhou Casa Shinco Electrical Appliances Co. Ltd, which owns a factory with annual capacity of 200,000 washing machines (93 miles) from Shanghai.
The companies signed the agreement on July 28 and the sale was expected to be completed within two months depending on approval from Chinese authorities.
The company said it will continue to sell its products, in particular dishwashers, in China via exports from Turkey. It added that the investment was also part of its plans to grow in North America and the Asia-Pacific region.
to Daily News