Walton Group Explained

Walton Group
Type:Public Limited Company
Traded As:DSE

WALTONHIL
CSE:

Founded: commencement of business activities
debuted as Walton Group
Founder:S.M Nazrul Islam
Location:Kaliakair, Gazipur, Bangladesh
Area Served:Worldwide
Services:Electronics manufacturing services
Revenue:
(FY 2022)
Operating Income:
(FY 2022)
Net Income:
(FY 2022)
Assets:
(FY 2022)
Equity:
(FY 2022)
Num Employees:21,000+
Homepage:

Walton (Bengali: ওয়ালটন; stylised as WALTON) is a conglomerate based in Gazipur, Bangladesh. It was founded in 1977 by S.M Nazrul Islam and operates in consumer electronics, home appliance, mobile phone, automobiles, and retail. The group's flagship company is Walton Hi-Tech Industries PLC.[1] [2]

With over 30,000 employees, Walton is one of the largest employers in Bangladesh. It operates more than 1,000 retail stores under the brand name "Walton Plaza" and has an international presence in China, India, and the United States.[3] [4]

The company has been recognized as a prominent player in the Bangladeshi economy, with a significant presence in the country's consumer electronics, real estate, and retail sectors.[5] [6] [7] [8] In 2019, it was ranked as the second-largest corporate donor in Bangladesh by the CSR Centre and Sustainability Excellence.[9]

History

Walton was founded by S.M Nazrul Islam. Nazrul started his career as a small businessman. After the Bangladesh Liberation War of 1971, he started a separate business. In 1977, he founded a new company named after his eldest son S.M Nurul Alam Rezvi called Rezvi & Brothers, abbreviated as R.B. Group. At that time, they used to import televisions. The company made its debut in 2008 as the Walton Group by starting refrigerator manufacture. When S.M Nazrul Islam died in 2017, his eldest son S.M Nurul Alam Rezvi took over as the chairman of the company.[10]

In April 2017, Walton established the country's first-ever and only compressor manufacturing factory. With the inauguration of the plant, Bangladesh has emerged as the world's 15th as well as Asia's 8th compressor manufacturing country.[11]

In January 2018, Walton opens the first ever computer assembly plant. At the same time it became the first ever Bangladeshi company to export locally made laptops to Nigeria.[12]

Even it has successfully expanded TV export market to around 14 countries in Europe, including Germany, Denmark, Ireland, Poland, Greece, Spain, Croatia, Italy and Romania.[13]

In February 2020, for the first time, Walton started exporting handsets to the United States as a Bangladeshi original equipment manufacturer company to a renowned American brand, otherwise known as "contract manufacturing".[14]

In April 2022, Walton acquired 3 European brands to make 4.8 million compressors a year. Walton Hi-Tech Industries PLC announced the purchase of two more brands – Zanussi Elettromeccanica (ZEM) and Verdichter (VOE) – from Italia Wanbao-ACC. The Bangladeshi electronics giant acquired the rights of more than 50-years old reputed three European electronics brands and its production plant, a trademark, patent, design and software. With the procurement of the more than 50-year-old Italia Wanbao-ACC compressor brand, Walton is now on course to gain a major foothold in European countries.[15]

In June 2022, Walton announced the establishment of a Research and Innovation Centre in South Korea.[16]

Acquisitions

Manufacturing and production

Controversies

In April 2024, Walton was accused of promoting LGBTQ+ rights after sponsoring a drama show called Rupantor. In response, on 16th April, the company apologized and released a statement saying they were unaware of the content of the show, and sent a legal notice to the agency 'Local Bus Entertainment' for airing the show, stating it was a breach of contract. [22] [23] [24]

Subsidiaries

The conglomerate compromises one public traded and over ten privately held companies.

Notes and References

  1. News: 2023-02-13 . Walton launches affordable e-bike . en . The Business Standard . 2023-03-10.
  2. News: Consumers show great interest in Walton Smart Refrigerators in Ctg Trade Fair . en . Risingbd.com . 2023-03-10.
  3. News: 2023-03-10 . Bangladesh-India Friendship Pipeline will contribute to energy security: Nasrul . en . The Business Standard . 2023-03-10.
  4. News: 2022-04-06 . Walton buys 3 European brands to make 4.8m compressors a year . en . The Business Standard . 2023-03-10.
  5. News: Walton eyes becoming leading global brand . en . Risingbd.com . 2023-03-10.
  6. News: 2023-02-13 . Walton achieves Superbrand award for 2nd consecutive time . en . Dhaka Tribune . 2023-03-10.
  7. News: 2022-02-25 . Walton 1st Bangladeshi company to be featured in Nat Geo's 'Superfactories' Feb 26 . en . The Daily Star . 2023-03-10.
  8. News: 2022-10-23 . ATPF delegation visits Walton headquarter; overwhelmed by Bangladesh's progress in electronics industry . en . The Business Standard . 2023-03-10.
  9. Web site: Awards . 2023-03-10 . waltonbd.com . en.
  10. News: Hussain . Shaukat . bn:এক যুগেই দেশের শীর্ষ কোম্পানি. https://www.prothomalo.com/business/উদ্যোক্তা/এক-যুগেই-দেশের-শীর্ষ-কোম্পানি. 2021-11-11. Prothom Alo. bn.
  11. News: 2017-04-07 . Walton sets up first-ever compressor manufacturing plant . 2022-06-05 . Dhaka Tribune.
  12. News: Walton starts export of its locally made laptop . 2022-06-05 . Risingbd.com . en.
  13. Web site: 2023-11-04 . Walton boosts TV exports to Denmark, Ireland . 2024-04-18 . The Business Standard . en.
  14. News: 2020-02-18 . In a first, Walton to start exporting handsets to USA . 2022-06-05 . The Daily Star . en.
  15. News: 2022-04-07 . Walton expands its global footprint by acquiring three European brands . 2022-06-05 . Dhaka Tribune . en.
  16. News: 2022-06-04 . Walton sets up research centre in South Korea . 2022-06-05 . Dhaka Tribune . en.
  17. News: 2022-04-06 . Walton buys 3 European brands to make 4.8m compressors a year . 2022-06-05 . The Business Standard . en.
  18. News: 2020-07-28 . Walton Compressor: Country's first and only compressor manufacturing factory . 2022-06-05 . The Business Standard . en.
  19. News: 2017-10-05 . Walton inaugurates country's first smartphone factory . 2022-06-05 . banglanews24.com . bn.
  20. News: 2018-01-17 . Walton to open first ever computer assembly plant on Thursday . 2022-06-05 . Dhaka Tribune.
  21. News: 2020-04-28 . Walton ventilators ready for clinical trials . 2020-08-25 . The Business Standard . en.
  22. Web site: 2024-04-16 . Walton serves legal notice to studio, cancels contract for 'Rupantor' . live . https://archive.today/20240416202906/https://www.somoynews.tv/news/2024-04-16/YtHBHK7C . 2024-04-16 . 2024-04-16 . The Business Standard.
  23. News: 2024-04-16 . bn:‘রূপান্তর’ নাটকের সমালোচনা নিয়ে যা বললেন অভিনেতা-নির্মাতা . What the actor-producer said about the criticism of the drama 'Rupantar' . https://www.somoynews.tv/news/2024-04-16/OsQE5vs3 . 2024-04-16 . Somoy News . bn.
  24. Web site: 2024-04-16 . ‘রূপান্তর’ নাটকের সমালোচনা নিয়ে যা বললেন অভিনেতা-নির্মাতা . 2024-05-05 . Somoynews.
  25. Web site: Home . Walton Hi-Tech Industries PLC..
  26. Web site: Home . Walton Digi-Tech Industries Limited.
  27. Web site: Home . Walton Plaza.

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