Arçelik and Hitachi Global Life Solutions Announce their Intention to Form a Joint Venture in the Global Home Appliances Business (excluding Japan)

Today Arçelik A.Ş. (ARCLK:IST, “Arçelik”) and Hitachi Global Life Solutions, Inc.(“Hitachi GLS”)have signed a share purchase agreement to establish a new joint venture company. As part of the transaction, Hitachi GLS will establish a new company into which it will transfer its global home appliances business outside of Japan. Arçelik will acquire60% ownership in the new company, which both partners aim to establish in the spring of 2021, subject to regulatory approvals and satisfaction of other customary conditions.