STOCKHOLM (dpa-AFX) - Electrolux Group (ELUXY.PK) Thursday announced the divestment of its South African water heater business to Haier Smart Home for an enterprise value of ZAR 2.4 billion or approximately 1.4 billion Swedish Corona.
The divestment includes the Kwikot brand and the production facilities for water heaters located in Johannesburg. The company said the sale is part of the divestment of non-core assets. The sale is expected to be completed during the fourth quarter of 2024.
Electrolux expects a negative earnings impact of approximately SEK 0.6 billion from the divestment during the second half of 2024. This includes a significant negative currency effect from the ZAR depreciation, which does not affect equity.
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