Vestel to buy shares of company in Poland

Vestel Trade Co., which operates as a subsidiary of Vestel Electronics Trading Inc., has signed a share purchase agreement for the purchase of shares of Compal Electronics Europe, a company operating in Poland.

Regarding the issue, Vestel Trade has signed a brand licensing agreement with Toshiba Visual Solutions Corporation for the European market.

The statement made to the Public Disclosure Platform (KAP) on Friday revealed that the purchase, realized under the Toshiba brand licensing agreement, was carried out with aims to establish a new strategy in Europe.

The explanation was made in the following statement: "Wroclaw, an old Toshiba factory in Poland, is planned to be used as a production and logistics center for both Toshiba and Vestel. In this context, Vestel Electronics Trading Inc., our 100-percent subsidiary, has signed a share purchase agreement with Compal Electronics B.V. on Sept. 1, 2016, for purchase of shares of the aforementioned factory owner Compal Electronics Europe."

Also, Taiwanese Compal Electronics, indicating that the LCD TV assembly plant found in Poland will be sold to Vestel, announced that it expects to complete the transaction before the end of the fourth quarter.

Founded in 1984, Vestel is a Turkish domestic and business appliance manufacturing company that consists of 18 companies specializing in electronics, major appliances and information technology. Vestel controls 21 percent of the European market for flat screen TVs and is one of the leading enterprises in Turkey. Vestel has also managed to become one of the 10 biggest household appliance manufacturers in Europe with its latest developments in product development ability, flexibility in production, and fast response to client demands. Vestel exports its products to 149 countries under the leading Japanese and European brands.