Turkish household appliances firm Arçelik has signed an agreement to acquire home appliance retailer Singer Bangladesh for $75m.

As per the terms of the agreement, Arçelik’s wholly owned subsidiary Ardutch BV would buy Retail Holdings, the company that owns a 57% stake in Singer Bangladesh.

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The remaining 43% stake of Singer Bangladesh is publicly owned.

Arçelik CEO Hakan Bulgurlu said: “Over the next decade, the growth in our industry will come from Asia-Pacific. Singer Bangladesh is a strategic fit for us, and this deal is a unique opportunity to invest in Bangladesh, a market which holds a great untapped potential.

“Singer Bangladesh has a strong brand heritage, extensive retail network, and a talented management team.

“We will continue to build on these strengths by pushing new boundaries and creating strong synergies across retail management, production, purchasing and product sourcing. Our mid-term target is to become the market leader in the major product groups.”

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“The Singer Bangladesh business will benefit significantly from the sale as Arçelik is a much larger and financially much stronger company.”

Headquartered in Dhaka, Singer Bangladesh offers a range of home appliances and currently operates 385 company-owned stores, employing 1,507 staff, and has more than 700 wholesale dealers. The company operates a major product groups and a largest retail distribution network in Bangladesh appliance market.

The deal, which is expected to close in April, is expected to expand Arçelik’s presence in Asia-Pacific region.

Retail Holdings chairman, president and CEO Stephen H. Goodman said: “The Singer Bangladesh business will benefit significantly from the sale as Arçelik is a much larger and financially much stronger company, with a commitment to and a world-wide reputation in the home appliance sector.

“Following the sale, Singer Bangladesh will continue to have a royalty-bearing license from SVP Worldwide, the owner of the Singer trademark, to use ‘Singer’ in the company name and the “Singer” brand on its stores, products and services.”

Arçelik currently offers products and services to customers across 146 countries with 30,000 employees. It operates 21 production facilities in eight countries, 34 sales and marketing companies, and 12 brands globally.