Turkey’s home appliances giant starts investment plans to establish new factory for 70 mln euros

ISTANBUL

Turkey’s Vestel Home Appliances has announced new investment works to establish a new washing machine and drier factory in the Aegean province of Manisa for around 70 million euros. 

The company said in a Dec. 27 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, said the company. 

The company said the new facility would have an annual production capacity of 750,000 washing machines and driers 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.