Published on October 29th, 2020 | by The GC Team0
Vestel acquires British white goods brands
Turkey’s CE and white goods manufacturer Vestel has signed an agreement with Crosslee PLC for the acquisition of the Hostess and White Knight brands to further enhance its presence in the market.
The deal includes business trademarks, intellectual property rights, domain names and some equipment related with the two trademarks.
Vestel said the registration process for the transfer of the trademarks is completed in the EU while the process continues in some non-EU countries.
Crosslee PLC announced in June last year that it was to cease production at its Hipperholme factory in West Yorkshire, stating that it was “no longer viable to manufacture tumble dryers.”
Crosslee was founded in 1986 and reportedly manufactured more than 13.5 million tumble dryers, along with a selection of other products including the Hostess trolley, but was badly impacted by cheaper imports from abroad and shift to online sales.
Turkey’s Vestel is one of the world’s leading Original Design Manufacturers in consumer electronics and household appliances and counts Crosslee amongst its customers.
The business is the market leader in TVs and third largest player in household appliances in Turkey, and among the top 3 TV producers and 5 largest white goods manufacturers in Europe.