Daewoo to manufacture more with Turkey’s VestelDaewoo Electronics announced Tuesday that it will expand production of appliances for export to European and North African markets through strengthened cooperation with Turkish electronics company Vestel.
Since partnering with Vestel in 2015, Daewoo has been manufacturing washing machines for export to Europe through Vestel’s factories. Through the strengthened partnership, Daewoo plans to expand appliances produced through Vestel to refrigerators, TVs and dishwashers by the end of this year.
Daewoo also plans to work together with Vestel for research and development as well as appliance design to increase competitiveness in the European market.
In the past, Daewoo Electronics exported products to Europe and North Africa through its factories in Gwangju and China. By expanding the use of Vestel’s Turkey production bases, Daewoo Electronics will be able to increase price competitiveness from reduced tariffs.
“Daewoo Electronics will be able to boost synergy between its global sales network and marketing capabilities by utilizing Vestel’s enhanced production facilities,” said a Daewoo spokesman.
“By strengthening our cooperation with Vestel, we hope to establish a firm position in the European market.”
By Kim Eun-jin