Category: Vestel

Turkish manufacturer Vestel, which owns Vestel White Goods and Vestel Elektronik has seen sales falling 8.3 percent in 2009, the group’s chairman board Omer Yungul said on Thursday. He also said he saw Vestel exports falling to 2.5 billion lira ($1.68 billion), down 10.7 percent on the year.

Private consumption tax relief, delivered as part of the Turkish government’s fourth financial measures package, has not been able to relieve the white goods industry. As the industry contracted over 30 percent since the beginning of the global crisis, Vestel, Turkey’s biggest television maker, d…

The Harriyet Daily News has reported that the deal between Whirlpool and Vestel’s joint venture to produce appliances is off due to the global crisis. It would appear that many companies are becoming a lot more cautious given the current financial climate.

Forbes has reported that Moody’s Investors Service downgraded the ratings of Vestel Elektronik Sanayi ve Ticaret AS to ‘B2’ from ‘B1’, citing its concerns regarding the challenges the Turkey-based company faced in improving its operational performance and restoring profitability.

Reuters has reported that Turkish producer Vestel said on Wednesday it would start talks with Whirlpool Europe about a white goods joint venture. Each firm would be to hold an equal stake and Vestel would transfer all its shares in Vestel White Goods Inc. to the new, as yet unnamed, company.

Vestel, which produces and markets the most improved Technologies globally with the motto of “Turkish of the Technology”, has signed a marketing and distribution agreement in Turkey with the American Whirlpool company, which is the number one white goods manufacturer in the world and the most s…

Offering of Vestel Household Appliances Co. stocks to the public has been met with a huge interest. ”There is a huge interest, almost 10 times more than the shares we offered,” said a Vestel executive.