{"id":590559,"date":"2023-07-24T00:00:00","date_gmt":"2023-07-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/24\/swedish-appliances-manufacturer-electrolux-to-exit-egypt\/"},"modified":"2023-07-24T00:00:00","modified_gmt":"2023-07-24T00:00:00","slug":"swedish-appliances-manufacturer-electrolux-to-exit-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/24\/swedish-appliances-manufacturer-electrolux-to-exit-egypt\/","title":{"rendered":"Swedish appliances manufacturer Electrolux to exit Egypt"},"content":{"rendered":"

Electrolux is selling off its assets + brands in Egypt:<\/strong> Electrolux, Europe\u2019s biggest home appliances maker, will sell its factories and b rands in Egypt as part of its global \u201creprioritization\u201d plans, the company said in a statement (pdf)<\/a> last week. The Swedish manufacturer expects the sales to net SEK 10 bn (USD 962.6 mn). <\/p>\n

What\u2019s on the chopping block?<\/strong> Electrolux is planning to sell off the factories it owns in Egypt that produce Zanussi-branded products, in addition to water heater factories in Egypt and South Africa, according to the statement. The company is also selling off its rights to a number of brands in Egypt, including Zanussi \u2014 one of the most popular home appliance brands in Egypt \u2014 Ideal, Faure, Zanker, Rosenlew, Elektro-Helios, Zoppas, Olympic Electric, and Kwikot. Electrolux will also sell off a number of assets in t<\/strong>he US and Hungary<\/strong>. <\/strong><\/p>\n

What they said:<\/strong> Though its water heater segment remains profitable in Egypt, the company has decided that we\u2019re simply not a core market, CEO Jonas Samuelson said in the statement. \u201cTherefore, the group believes in creating opportunities of greater value and faster growth under different ownership,\u201d he said. Samuelson says the exit will not affect the availability of Zanussi products in Egypt.<\/strong><\/p>\n

The 2020s haven\u2019t been kind to Electrolux:<\/strong> The exit comes as the company has been forced to scale back production<\/a> since 2021 following disruptions resulting from covid-19, supply chain issues, and labor market disruptions. Electrolux also began working on a cost reduction program<\/a> in several markets last year on the back of \u201cweaker-than-expected market demand and weak earnings\u201d in 3Q 2022. <\/p>\n

A 12-year presence:<\/strong> Electrolux has been active in Egypt since 2011 when it acquired Egyptian<\/a> home appliances manufacturer Olympic Group<\/a>. The company employs more than 2.1k people locally. <\/p>\n

Advisors:<\/strong> Electrolux has tapped Soci\u00e9t\u00e9 G\u00e9n\u00e9rale to advise it on its sales. <\/p>\n","protected":false},"excerpt":{"rendered":"

The Zanussi manufacturer will sell all of its brands and assets in Egypt as part of global \u201creprioritization\u201d plans<\/p>\n","protected":false},"author":1,"featured_media":590560,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[10806,72,125,131],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590559","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-electrolux","tag-enterpriseam","tag-investment-watch","tag-manufacturing","wpautop","entry"],"acf":{"mongo_id":"ffe08c1f-9611-4fb4-8532-b0a8f8b27ebb","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/864.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Swedish appliances manufacturer Electrolux to exit Egypt","related_issue":[590552],"teaser":"The Zanussi manufacturer will sell all of its brands and assets in Egypt as part of global \u201creprioritization\u201d plans","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.fa0be81c-6641-4fd9-a8d7-ffa8c147359c.mp3"},"yoast_head":"\nSwedish appliances manufacturer Electrolux to exit Egypt - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/07\/24\/swedish-appliances-manufacturer-electrolux-to-exit-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Swedish appliances manufacturer Electrolux to exit Egypt\" \/>\n<meta property=\"og:description\" content=\"The Zanussi manufacturer will sell all of its 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scrapping plans to sell its local operations after a final review, opting instead to ramp up growth and exports, it said in a statement (pdf).The Swedish giant had been exploring a potential exit since July\u2026","rel":"","context":"In "Manufacturing"","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/2\/2380.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592501,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/07\/chinese-home-appliance-giant-midea-could-snap-up-zanussi\/","url_meta":{"origin":590559,"position":1},"title":"Chinese home appliance giant Midea could snap up Zanussi","author":"enterpriseam admin","date":"7 August 2023","format":false,"excerpt":"Electrolux is selling its Egyptian factories and brands in a global restructuring","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A 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THE BIG STORY TODAY New digital platform to set up companies coming? The General Authority for Freezones and Investments (GAFI) is launching \u201cwithin a few days\u201d\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/6\/2069.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590611,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/24\/this-evening-japans-yazaki-signs-land-agreement-for-fayoum-factory\/","url_meta":{"origin":590559,"position":4},"title":"THIS EVENING: Japan\u2019s Yazaki signs land agreement for Fayoum factory","author":"enterpriseam admin","date":"24 July 2023","format":false,"excerpt":"Good afternoon, friends, and welcome back. 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