Beko (well, parent Koc Holdings) has acquired a 57% share of Singer Bangladesh and yes, it’s “that” Singer that hails from Glasgow and makes sewing machines.
The history of Singer is quite fascinating and lengthy, spanning back to 1876, but that’s an aside for this bit of news, apart from, the brand ended up being Indian owned and now Beko has effective control of it after snagging 57% of it from Netherlands-based Retail Holdings group for $75 million.
Representatives said: “We have been intensively growing in Asia-Pacific in the last decade with investments in China, Thailand, Pakistan, and India in a bid to establish a trade corridor along the historical Silk Road. This acquisition is another significant step on our Silk Road strategy.”
Singer Bangladesh sells a wide range of products, including the famed sewing machines, refrigerators, washing machines, televisions to air conditioners. Singer Bangladesh has 1,507 employees and reported 2018 revenues of $164 million.
