Electrolux Group retains business in Egypt with intention to grow

Rhea-AI Summary

Electrolux Group has announced its decision to retain its business operations in Egypt following a strategic evaluation of alternatives. The company determined that maintaining the Egyptian business within the Group would generate higher value. The Egyptian operations, which include sales and production of major appliances and water heaters, are profitable and feature strong, well-established brands.

CEO Yannick Fierling stated that the company aims to capitalize on Egypt's growing market, increase market share, and expand exports from the region. This announcement effectively closes the divestment program that was initially announced on July 20, 2023.

Positive

• Egyptian operations are confirmed profitable
• Strong market position with well-established brands in Egypt
• Growth potential in expanding Egyptian market
• Opportunity for export expansion from Egypt

Negative

• None.

STOCKHOLM, Feb. 24, 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

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SOURCE Electrolux Group

FAQ

Why did Electrolux Group decide to keep its Egyptian business operations?

Electrolux Group determined that retaining the Egyptian business would create higher value within the Group, citing profitability, strong brands, and growth potential in the market.

What products does Electrolux Group manufacture in Egypt?

Electrolux Group's Egyptian operations include the production and sales of major appliances and water heaters.

What are Electrolux Group's growth plans for its Egyptian operations?

The company plans to increase its market share in Egypt's growing market and expand exports from the region.

When was Electrolux Group's divestment program initially announced?

The potential divestment program was announced on July 20, 2023, and has now been closed following the decision to retain the Egyptian business.