Walton wins bids to buy European brands

Walton Hi-Tech Industries PLC said today it has won the tender to procure more than 50 years long-established European brands ACC, Zanussi Elettromeccanica (ZEM) and Verdichter (VOE) from Italia Wanbao-ACC.

It will also buy a fully automated inverter and non-inverter compatible compressor line with a capacity of 3.2 million units per year, according to a regulatory filing on the Dhaka Stock Exchange.

The board of directors has unanimously approved the procurement move.

Subsequently, Walton will expand its compressor production capacity to 4.8 million per year, which will result in establishing a significant market share in Europe and other markets around the globe, the filing said.

For continued operation, the board has also decided to open a subsidiary company, branch office or liaison office in Europe and the US.