īeko is a budget brand name in some countries and continues to be in use for a number of Arçelik A.Ş. of Koç Holding) by taking over all of Grundig's assets and liabilities as a whole. (to be administered directly by Arçelik A.Ş. with the company's subsidiary, Grundig Elektronik A.Ş. on 29 June 2009, it was decided to merge Arçelik A.Ş. Īt the Extraordinary General Shareholders Meeting of Arçelik A.Ş. ![]() In April 2010, the electronics division of Beko renamed itself Grundig Elektronik A.Ş. ![]() In 2004, Beko Elektronik purchased the German electronics company Grundig and by January 2005, Beko and its rival Turkish electronics and white goods brand Vestel accounted for more than half of all TV sets manufactured in Europe. The company's name is a combination of the first two letters of the founders' surnames. was founded by Vehbi Koç, the founder of Koç Holding (who also founded Arçelik A.Ş., the parent company of Beko, in 1955), and Leon Bejerano in Istanbul, Turkey in 1954.
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