Electrolux Group divests factory in Hungary
Electrolux Group has divested its manufacturing facility in Nyíregyháza, Hungary to Swedish heat pump manufacturer Qvantum for a cash consideration of EUR 38 million (approximately SEK 455 million).
The company says that an approximate gain of EUR 25 million (approximately SEK 300 million) will be recorded as a non-recurring item, positively impacting the operating income in "business area Europe" during the third quarter of 2023.
The divestment is part of Electrolux Group's actions to divest non-core assets with a total potential value of SEK 10 billion. The company first announced its decision to discontinue production in Nyíregyháza in early 2023 and has since explored various possibilities to divest the premises to external parties.
The buyer Qvantum is a Swedish manufacturer of high-quality electric heat pumps. Among several interested parties, Qvantum was deemed the most suitable buyer, considering various factors, including plans to quickly ramp up a new manufacturing business at the site. Qvantum has expressed its interest in offering certain positions to the Electrolux Group employees at the factory.