Whirlpool has announced that it will withdraw from the Turkish market, independent news site Diken. The company will continue operations at its factories in Turkey’s western Manisa province; however, it is exiting the domestic sales business in the country.
The company, known to the Turkish market through the brands Hotpoint and Indesit, has three stores, 83 distributors’ 398 sales points in the country.
Foreign Direct Investment (FDI) inflows to Turkey have taken a dive over the past year as multiple foreign companies have shut down their operations.
Whirlpool’s departure from the Turkish market follows a string of international brands leaving the country, as concerns over political developments undermine confidence in the economy, which has witnessed the lira lose 40 percent value since the beginning of the year.— Ahval