Hurriyet Daily News - Vestel Elektronik, a Turkish television manufacturer, is aiming to become the largest supplier of television sets in Europe in the next five years, said the company’s deputy CEO. Vestel is also in negotiations with three foreign companies to acquire their brands, Turan Erdogan added.
"Our plan is to become the number one provider of LCD television sets in Europe", said Erdogan in Istanbul. "We expect to achieve this goal in the next five years" he remarked. Vestel is owned by Turkish industrial group Zorlu Holding.
Vestel currently has a market share of 15 percent in Europe and the LCD market, where its main export destination is the United Kingdom. Exports currently make some 75 percent of Vestel Elektronik's total sales. In 2009, Vestel's exports totaled USD 2.1 billion, while the company’s total turnover was approximately USD 3 billion. Around half of the export revenue was made from the sales of LCD units. This year, the company plans to almost double the exports of LCD television sets to 8.5 million units from the last year’s level of 6 million.
Vestel is also currently in talks to acquire three new brands. Company’s deputy CEO Erdogan said acquiring new television and white goods brands is part of Vestel's business strategy, without naming the brands in question.