Walton to procure 3 Italian compressor brands
Walton will form a subsidiary company to run the business in Europe and USA
Bangladesh electronic giant Walton Hi-Tech Industries is going to procure three compressor brands of Italian state-owned company Italia Wanbao-ACC.
The brands are ACC, Zanussi Elettromeccanica (ZEM) and Verdichter (VOE).
Walton disclosed it on the Dhaka Stock Exchange (DSE) website on Wednesday. But it did not disclose the procurement value in the statement.
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An official of Walton said Italia Wanbao-ACC has sold its compressor unit to Walton in an open tender. The deal will be completed within next three months.
As per the deal, Italia Wanbao-ACC will stop its production in Italy and will send the factory setup – that has a capacity of producing 3.2 million units of compressors a year – to Bangladesh. This will give Walton a production capacity of 4.8 million units yearly.
Walton will form a subsidiary company to run the business in Europe and USA.
Walton will sell the compressor under the name of Italia Wanbao-ACC both in Bangladesh and abroad. Walton started its business initially purchasing compressors from the Italian company.
Italia Wanbao-ACC has been operating for the last 50 years and has business in 57 countries.
Walton will have to invest more than Tk1,000 crore initially for the project and the majority of financing will come from Germany-based lender DEG and Austrian lender OeEB.
