Electrolux Group retains business in Egypt with intention to grow
STOCKHOLM, Feb. 25, 2025 /PRNewswire/ -- After an evaluation of various alternatives, Electrolux Group has decided to retain its business in Egypt since the value is considered to be higher if it remains within the Group.
The business in Egypt includes sales and production of major appliances as well as water heaters and is profitable with well-established and strong brands.
"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. "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."
The potential divestment of the Group's business in Egypt was communicated as part of the announcement on July 20, 2023 to initiate preparations for divestment of certain assets. After today's announcement, this divestment program is closed.
This is information that AB Electrolux is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 24-02-2025 19:00 CET.
CONTACT:
For more information:
Ann-Sofi Jönsson, Investor Relations, +46 73 025 10 05
Electrolux Group Press Hotline, +46 8 657 65 07
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250224 PR Electrolux retains Egypt business |
SOURCE Electrolux Group
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