TURKEY: Turkish white-goods maker Arçelik and Korean air conditioning manufacturer LG are to invest a further $57m in their joint venture factory in Kocaeli, near Istanbul.
The investment in Arçelik-LG Klima Sanayi ve Tic. A.? extends the agreement, first established in 1999, to 2023.
Arçelik, probably best known for its Beko brand white goods, and LG are 50/50 partners in the 70,000m2 factory which, as well as supplying the home market, manufactures product for export to Europe, Middle-East, Africa and CIS.
