KEY POINTS:
Fisher & Paykel Appliances said today it has formed a strategic partnership with Turkish whiteware manufacturer, Arcelik Corporation.
The deal would increase distribution of FPA's branded appliances in Eastern Europe, Commonwealth of Independent States (former Soviet Union members), and the Middle East through Arcelik's existing network.
The partnership would also focus on sourcing home appliances and technical co-operation.
Arcelik, Europe's third-largest home appliance manufacturer, has manufacturing facilities in Turkey, Russia, Romania and China, with annual turnover of more than 4 billion euros ($7.6 billion)
"Fisher & Paykel is a world leader in appliance design innovation and manufacturing," Arcelik president Gunduz Ozdemir said.
"We are delighted to be able to jointly develop beneficial strategies for both companies going forward."
FPA's primary markets are New Zealand, Australia and the United States, but Europe is the fastest growing of its markets with revenue up over 600 per cent last year to $98.6m.
The whiteware company, which is transferring its laundry manufacturing operations to Thailand, posted a 20 per cent increase in total sales last year to $1.3 billion.
FPA shares were up 2 per cent at $3.60.
- NZPA
