Vestel, Zorlu Holding’s leading company, is raising its aim for 2006. The white goods giant boasts sales of €2.69 billion along with a growth of 10 percent, and plans to reach a €3 billion turnover in 2006.
The company wants to grow particularly in the white goods sector, balancing its profit margin in the electronic sector accordingly, in addition to the plans to maintain its growth through domestic and foreign investments.
Vestel Companies Group Executive Board President, Omer Yungul, said Vestel will continue to grow in the European and Russian markets hand in hand with economic developments, and they will transport the brand to all countries found in the same time zone with Turkey.
Yungul said they are prepared for new investments as they purchased two local brands in Scandinavian countries. “We altered our course for Europe, Russia, and the commonwealth of independent states; Egypt, Iran, Iraq, India, and Pakistan,” he added.
At a news meeting Tuesday, the Vestel executive briefed reporters about Vestel’s performance in 2005 and its targets for the new period; where he also said they will accelerate foreign investments.
Vestel will build a new television factory to replace the one established in Russia in 2002 which burned last November. This new investment is planned to cost about €50 million, and will get underway this year.
Yungul also mentioned their cooperation with US white goods giant Whirlpool in distribution and sales in the domestic market. “We are meeting with other manufacturers as well, such as Electrolux. We shook hands, but we’re still in the preparation stage. We plan to put these projects into action in the second half of 2006. “
According to Yungul’s report, Vestel Electronics, the fourth biggest TV manufacturer of the world with a television production of 10.87 million in 2005, has 30 percent market share in the UK, 27 percent in Germany and 22 percent in France.
From Zaman