{"id":592501,"date":"2023-08-07T00:00:00","date_gmt":"2023-08-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/07\/chinese-home-appliance-giant-midea-could-snap-up-zanussi\/"},"modified":"2023-08-07T00:00:00","modified_gmt":"2023-08-07T00:00:00","slug":"chinese-home-appliance-giant-midea-could-snap-up-zanussi","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/07\/chinese-home-appliance-giant-midea-could-snap-up-zanussi\/","title":{"rendered":"Chinese home appliance giant Midea could snap up Zanussi"},"content":{"rendered":"

Does China\u2019s Midea want Zanussi? <\/strong>China-based Midea Group<\/a> is eying Swedish appliances manufacturer Electrolux Group\u2019s<\/a> Zanussi brand and factories in Egypt, Al Shorouk<\/a> reports, citing a source it says is in the know. The source reportedly said that Electrolux is evaluating several acquisition offers for its brands in Egypt, including Zanussi. <\/p>\n

What we know: <\/strong>The source told the news outlet that the acquisition could be finalized by 4Q 2023, adding that Zanussi\u2019s sales and maintenance operations in the country would not be affected. <\/p>\n

REMEMBER-<\/strong> Electrolux last month said<\/a> that it will sell its factories and brands in Egypt as part of global \u201creprioritization\u201d plans that are expected to net almost USD 1 bn. Electrolux is planning to sell off the factories it owns here that produce Zanussi-branded products, as well as its rights to brands including Zanussi, which is one of the most popular home appliance brands in Egypt. Electrolux has been active in Egypt since 2011 when it acquired Olympic Group Egypt and employs more than 2.1k people locally. <\/p>\n

The rationale: <\/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. Difficulties importing raw materials and industrial components thanks to the FX crunch contributed to Electrolux\u2019s decision to divest its Egyptian assets, Al Shorouk quotes its source as saying. <\/p>\n

Midea has long eyed Electrolux<\/strong>: Earlier this year, Bloomberg<\/a> reported that the Swedish manufacturer had rebuffed initial overtures by the Chinese home appliance giant about a potential acquisition. Midea has been interested in acquiring Electrolux for some time but would only want a friendly transaction, sources reportedly told the business information service. <\/p>\n

And Midea is already expanding its operations here: <\/strong>Midea is setting up<\/a> a USD 25 mn factory in China\u2019s TEDA industrial zone and was recently granted a golden license to set up a USD 105 mn factory in Sadat City<\/a>.<\/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":"

Electrolux is selling its Egyptian factories and brands in a global restructuring<\/p>\n","protected":false},"author":1,"featured_media":592502,"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":[7363],"tags":[11022,72,7128,10809,11023],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-592501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-electrolux-group","tag-enterpriseam","tag-ma-watch","tag-midea-group","tag-zanussi","wpautop","entry"],"acf":{"mongo_id":"c7169f75-1b8d-4e58-99d7-b44446e063a2","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/864.jpg","photo_position":"above","homepage_title":"","full_issue_title":"China\u2019s Midea could look to acquire Zanussi from Swiss Electrolux","related_issue":[592494],"teaser":"Electrolux is selling its Egyptian factories and brands in a global restructuring","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.1104d42c-efa0-4b7a-b5a1-6fb9897d51f6.mp3"},"yoast_head":"\nChinese home appliance giant Midea could snap up Zanussi - 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\/08\/07\/chinese-home-appliance-giant-midea-could-snap-up-zanussi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chinese home appliance giant Midea could snap up Zanussi\" \/>\n<meta property=\"og:description\" content=\"Electrolux is selling its Egyptian factories and brands in a global restructuring\" 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