Vestel takes over Sharp’s Europe brand

ISTANBUL

Turkish company Vestel has received a license to use the Japanese electronics maker Sharp’s brand to make and sell appliances in Europe.

Sharp announced on Sept. 26 that it has signed binding agreements with Vestel Ticaret, a sales company of Vestel Elektronik, and Slovakian company Universal Media Corporation (UMC), “to begin alliances respectively on Sharp’s audio visual and appliance businesses in Europe.”

As part of the agreement, Sharp’s appliance business in Europe will be transferred to Vestel.
Vestel’s distribution networks will enable Sharp to improve the profitability of its consumer electronics business, the Japanese company said.