Bjarne Tellmann is senior vice president and general counsel at GSK Consumer Healthcare, a joint venture that combines the consumer brands of GSK and Pfizer. He speaks to Global Finance about the intersectionality of his work.
Household saving is defined as the difference between a household’s disposable income and its expenditures on goods and services. During the pandemic it rose to historical highs everywhere.
On October 27, Global Finance conducted a Sub-custody Roundtable, moderated by publisher and editorial director Joseph Giarraputo. The Roundtable agenda covered crucial topics in the sub-custody sector including: the global and regional impact on the COVID-19 pandemic on sub-custodians; the effect ...
The deal is part of Hitachi’s ongoing strategy to de-emphasize lines of business outside its core focus of information technology.
Author:
Kim Iskyan
Hitachi announced last month that it would sell 60% of its home-appliances business to Turkish appliance giant Arçelik for $300 million. With the sale, Hitachi aims to expand sales of home appliances—currently 80% domestic—into Europe, Africa and elsewhere in Asia, where Arçelik has a strong and growing presence.
The deal is part of Hitachi’s ongoing strategy to de-emphasize lines of business outside its core focus of information technology. In November, the Japanese conglomerate started accepting bids for its 53% stake in Hitachi Metals, a listed unit that supplies the defense industry. In October, Hitachi said it would sell part of its stake in another subsidiary, Hitachi Construction Machinery, which makes automatic driving systems used in construction machinery.
For Arçelik, which is part of the Turkish industrial conglomerate Koç Group, the deal is part of a similar strategy to spread its wings globally—in this case, to diversify outside the shrinking Turkish economy. It follows the March 2019 acquisition of a 57% stake in Singer Bangladesh, an appliance retailer and TV and refrigerator manufacturer, and an earlier series of deals focused on expanding the Turkish company’s reach in Asia.