Arçelik and Hitachi Global Life Solutions to create the joint venture.

Arçelik, a Turkish multinational household appliances manufacturer, and Hitachi Global Life Solutions, a distributor of home appliances, agreed to create the joint venture. Financial terms were not disclosed. "This is a major step for us in achieving our global expansion ambitions and goals to become one of the world's top home appliances companies. The venture will have the chance to utilize complementary product portfolio and operational footprints of Arçelik. In the next few years, we will see Hitachi brand products covering full major domestic appliance need of customers and growing both in existing markets and new ones (geographies) by the support of Arçelik companies," Hakan Bulgurlu, Arçelik CEO.