Walton expands its global footprint by acquiring three European brands
It now has trademark and branding rights across 57 new countries as well as rights to intellectual properties including patents, design and software licences
Walton has moved one step closer to reaching its target of becoming one of the top global consumer electronics brands by 2030, winning the bid to acquire three European brands that are half a century old.
The European brands are ACC, Zanussi Elettromeccanica (ZEM) and Verdichter (VOE), whose trademark, branding rights across 57 countries, as well as R&D intellectual properties- patents, design and software licences- have now been acquired by Walton.
An agreement has recently been signed in this regard at the headquarters of the Municipality of Borgo Valbelluna in Italy.
Golam Murshed, managing director and CEO of Walton Hi-Tech Industries PLC, and Maurizio Castro, Extraordinary Commissioner of ACC, signed the agreement.
Through the procurements of these three European brands, Walton will manufacture and globally market various electronics products including compressors, refrigerators, televisions and air conditioners.
Walton has also acquired a fully automated inverter and non-inverter compatible compressor manufacturing plant that has a capacity of 3.2 million units per year.
“Acquiring the rights of a fully automated compressor plant will help us to increase our production capacity to five million units per year, by adding to our current production capacity. This will also help us in establishing significant market share in Europe and other markets around the world,” said Golam Murshed.
He further believes that this will also contribute to the country's employment, national economy and export earnings helping the nation to achieve the status of a developed country by 2041.
The MD and CEO of Walton further pointed out that the ACC compressor plant that was acquired, is the first full-fledged fully automated inverter compressor manufacturing plant in this subcontinent, capable of producing the world's most energy-efficient compressors.
“Production and use of energy-efficient products are essential to achieve the sustainable development goals and Walton will soon release a refrigerator, air conditioner and washing machine of ACC brand,” the top official of Walton added.
According to Walton, domestic buyers will also be able to buy and use the products of those European brands.
Walton launched the country’s first-ever and sole compressor manufacturing plant in 2017, buying it from Austria, which made Bangladesh the world’s 14th compressor producing country.
“This means we have five years of experience in manufacturing high-tech products like compressors using European technology. Now, Walton moved one step further in this sector by getting the rights of three European brands and another high capacity compressor plant. This initiative will make a great contribution to the expansion of Walton's global business,” said Rabiul Alam Rajib, CBO of Walton Compressor.
For the continued operation of the acquired brands, Walton has decided to open operational offices in Europe and USA, aiming to capture the global market with the renowned European brands.
Walton was also the first company to start manufacturing refrigerators and freezers in the country in 2008 by importing compressors from the famous Italian brand that it owns now.
The local home appliance giant currently exports products such as televisions, freezes, air conditioners, compressors and compressor parts to 45 countries in Asia, Europe, the Middle East, Africa, and America.
Currently, exports account for nearly 20% of its total turnover of Walton.
With nearly Tk7,000 crore turnover in the financial year of 2020-21, the home appliance maker posted a Tk1,639 crore profit after-tax in the same year, which was Tk726 crore the previous year.