ISTANBUL, May 3 (Reuters) - A partnership of Turkish white-goods maker Arcelik and LG Klima will produce commercial air conditioners with the LG brand, extending their agreement until 2023, it said on Wednesday.
The partnership plans an investment of some 200 million lira ($57 million) in commercial air conditioners and new technology, Arcelik Turkiye CEO Can Dincer said in a statement.
Arcelik and Koc Holding signed a joint venture agreement to manage operations of the Arcelik-LG Klima partnership at the end of October last year. Under the deal, Arcelik obtains the exclusive rights to sell LG branded commercial air conditioners in Turkey, effective from April 2017. ($1 = 3.5346 liras) (Reporting by Ebru Tuncay; Writing by Ezgi Erkoyun; Editing by Daren Butler)
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