March 9, 2018 / 6:45 AM / a year ago

Turkey competition board to investigate Arcelik's marketing venture -statement

ISTANBUL, March 9 (Reuters) - Turkey’s competition regulator has opened an investigation into Arcelik’s marketing unit Arcelik Marketing, the maker of refrigerators and washing machines said on Friday.

Arcelik said in a statement to the Istanbul stock exchange that its subsidiary was being investigated on suspicion of attempting to violate a fair competition law. It did not not elaborate further.

It said the investigation did not mean it had violated the law or that it would be subjected to a fine.

Arcelik is the home appliances arm of Turkey’s biggest industrial conglomerate, Koc Holding. It posted a net profit of 842.9 million lira ($220.54 million) in 2017 versus 1.3 billion lira a year ago. Arcelik owns 100 percent of Arcelik Marketing. ($1 = 3.8220 liras) (Reporting by Behiye Selin Taner Writing by Ali Kucukgocmen Editing by David Dolan)

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