Electrolux retains business in Egypt – plans to grow
In July 2023, Swedish home appliance manufacturer Electrolux said that it was looking into a potential divestment of the group’s business in Egypt. Now, however, the company has decided to keep the unit and focus on its growth.
After evaluating various alternatives, Electrolux determined that the business in Egypt holds greater value within the company. The operation includes the production and sales of major appliances and water heaters. The business has proven to be profitable, further reinforcing the company’s decision to maintain its presence in the region.
“We have a successful business in Egypt and after evaluating different options, we concluded that it will create a higher value by continuing to be part of the Group”, says Yannick Fierling, President & CEO of Electrolux Group, in a press release. “Our objectives going forward are to take advantage of the growing market in Egypt and increase our market share as well as to expand export from Egypt.”
Electrolux had initially considered divesting its Egyptian operations as part of a broader strategy to streamline its asset portfolio, first announced on July 20, 2023. With the latest decision, the company has officially closed its divestment program.
