Brace yourselves for yet more rebranded machines as Turkey’s Vestel Appliances has announced new investment works to establish a new washing machine and dryer factory in the Aegean province of Manisa for around 70 million euros.
Yep thats right, we can expect a raft of new own label brand washing machines and washer dryers to invade the market in the not too distant future. As if that wasn’t rife already!
Vestel said in a statement to the Public Disclosure Platform (KAP) that it was conducting talks with lenders and financial institutions to secure the required financing.
Vestel announced it had signed a deal to allocate land for the new factory in another statement in November.
The factory will be based in the Manisa Organized Industry Zone which is located in the far West of Turkey.
The company said the new facility would have an annual production capacity of 750,000 washing machines and dryers each, adding that the new investment was slated to be completed by June 2018.
According to the statement, Vestel will benefit from a number of investment subsidies for the new facility, including customs tax exemptions, VAT exemptions and tax cuts. Which means that they may be able to keep the cost of the products they make somewhat artificially low through the “incentives”.
