Turkey’s Zorlu Holding to bid for Toshiba TV in June

Turkey’s Zorlu Holding to bid for Toshiba TV in June

Zorlu Holding CEO Ahmet Nazif Zorlu has announced that the holding’s Vestel white goods brand is planning to make an offer for the purchase of Toshiba Visual Solutions Corporation next month.

Zorlu stated that the meetings with Toshiba are ongoing, and the offer is still in the process of being evaluated. He added that these meetings are part of Vestel’s growth strategy.

Vestel has had a 100 percent partnership with Toshiba Visual Solutions Corporation since September 2016, when they signed a five-year agreement granting all television production, sales, marketing, and distribution rights in the European market to Vestel.

However, Zorlu also stressed the challenges facing him in acquiring this international name. “If we have support from the state and the government, we will buy this global brand… But today China is giving a lot of support. They offer 2 or 3 million dollars; they sell a brand or one of their factories. We have to do that too.”

Although Turkey is his priority, Zorlu did not rule out the possibility of creating factories abroad as well. “There is protectionism in the Middle East. There might be footings for us to get around that protectionism. But our first priority is to build factories in our own country.”

On the topic of production within Turkey, Zorlu expressed optimism about investment in the east and southeast of the country. After a drive from Prime Minister Binali Yıldırım for investment in those regions, Zorlu had responded by saying, “As a group, we might think about moving our production facilities to the east and southeast in the medium and long term.” He echoed those words in his most recent statement, adding, “We prepared a feasibility report. We will present that to the relevant people. If it is feasible in the east, we see no reason why not to build a factory in the southeast.”

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