Philips’ appliances division could be bought by Turkish consortium

By Rahul Vaimal, Associate Editor
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According to the latest reports by Turkish newspaper Sabah, a Turkish business consortium is keen to buy the household appliances division of Dutch electronics giant Philips.

The Turkish group comprises five preeminent organizations in the business world: the Foreign Economic Relations Board (DEIK), exporters’ assembly TIM, the chambers and commodity exchanges union (TOBB) and business associations TUSIAD and MUSIAD.

Philips had earlier stated in January it was looking to part with the household appliances division, which had $2.6 billion sales revenues in 2019.

“We as Turkey are the most powerful country in production between Germany and China. Hence an economic model must be created by the Turkish business world forming consortiums and buying global brands”
– Murat Kolbasi
DEIK Board Member

The Turkish newspaper quoted him as stating Trade Minister Ruhsar Pekcan had revealed his support for the plan.