Indian gold rush
With western nations looking dicey, Turkish firms turn to India
for new investments
Recently, the most noteworthy investments from Italy to Turkey have been taking place in the home appliances sector. Most recently, Sabaf, the world’s leading manufacturer of household appliances, bought 100 percent of Okida. The Italian giant paid $27 million, or about TRY 135 million, for the Turkish company, following through on its decision to grow rapidly in Turkey.
Founded in 1950, Sabaf’s primary activity is the production of domestic gas cooker components. Headquartered in Brescia, in the Lombardy Region, the Italian giant has been operating in Turkey since the foundation of Sabaf Beyaz Esya Parcalari in Manisa in 2011, a TRY 30 million investment that increased its market share in Turkey to nearly 50 percent.
Okida, employing more than 80 people - mostly engineers - at its 4,000 square meter facility in Istanbul, designs and manufactures electronic modules for the white goods sector and exports to more than 20 countries in Europe and America. It was founded in 1987 specializing in oven clocks, ovens, hoods and oven control modules. “The Okida operation represents the first and the foremost step towards implementing the plans we set earlier this year,” Pietro Lotti, Sabaf’s CEO, said in a company statement. “Okida and Sabaf’s quality and innovation partnerships will provide us with strong sales synergies and a significant improvement in service for our customers.”