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Turkish consortium eyes Philips' home appliances business - report

May 26, 2020, 11:24:27 AMArticle by Dragana Petrushevska
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May 26 (SeeNews) - A consortium of Turkish business associations is considering а potential acquisition of the household appliances business of Dutch conglomerate Philips, Turkish media reported.

Turkish consortium eyes Philips' home appliances business - report
Kritchanut/Shutterstock.com

The consortium includes The Foreign Economic Relations Board (DEIK), exporters’ assembly TIM, the chambers and commodity exchanges union (TOBB) and business associations TUSIAD and MUSIAD, Daily Sabah reported on Friday.

Philips said in January that it is considering selling its household appliances business. The division which manufactures vacuum cleaners and coffee machines generated 2.3 billion euro ($2.5 billion) in sales in 2019.

The company expects to start discussions with potential buyers after the summer, Sabah quoted Philips' spokesman Steve Klink as saying.

($ = 0.9144 euro)

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