The Competition Commission has approved the proposed acquisition by Beko Europe B.V, a subsidiary of Arçelik A.Ş, of the major domestic appliances (MDA) businesses of the Whirlpool Corporation in Europe, the Middle East, North Africa, Morocco, and the UAE.
Beko will control the whole home of appliances in this new acquisition. Source: Shot by Joe/Unsplash
Beko, a global supplier of home appliances and consumer electronics, also manufactures various MDAs under the brands Defy, Beko, and Grundig in South Africa.
This completes the 2023 decision to sell off its European and African operations that was taken after a business review in 2022. Whirlpool will be focusing on higher end products and markets.
Akanksha Khushi and Shubham Kalia 17 Jan 2023 The acquisition does not include Whirlpool South Africa, the only entity controlled by the New York Stock Exchange-listed Whirlpool in the country.
The Commission has advised the Competition Tribunal to approve the acquisition, as it is unlikely to significantly impact market competition.
Addressing public interest concerns, the Beko has committed to investing in its South African operations and providing skills development and training for its local employees, with a particular emphasis on Historically Disadvantaged Persons (HDP) and women.
The training will span a range of programmes and levels (NQF level 3-7). Beko has also pledged not to retrench any permanent or fixed-term contract employees in South Africa and will continue to support various nationally accredited skills development initiatives.
