Beko Electronics’ management has been granted authorization to sell its property in Beylikdüzü and relocate its production facilities. Care has been taken for the continuation of the production during relocation of the facilities.
Last October, Arcelik has increased its shares in Beko from 22.36 to 72.46 percent. Arcelik’s operations regarding the restructuring of the company continue. Management has been authorised to oversee the sales, in part or total, of Beko’s property in Beylikdüzü and the relocation, in part or total, of the facilities to be used for debt.
In an announcement Mar. 29 Aka Gündüz, general manager of Arcelik, said that Beko’s 200,000 square-meter closed space in Beylikdüzü is obsolete and can be disposed. He said half the property can be put to use. In case of a sale the cash will be used to pay off a 400 million euro debt (as of year end 2006) of Beko.
Beko to be renamed as Hamle
Arcelik started restructuring Beko last year after it took a loss because of dense competition in LCD and plasma TVs and the decrease in exchange rates. On Mar. 30 it was decided that the name Beko Electronics would be changed to Hamle Electronics. Beko’s sales within the first six months of last year were YTL 911.1 million whereas within the same period of this year the figure decreased by 30.4 percent to YTL 633.5 million.
Sales abroad decreased by 41.6 percent
Local sales decreased by 4.2 percent and international sales by 41.6 percent. Beko closed its books for the first six months with a loss of YTL 26.9 million. Total loss for 2006 was 127.8 million.
