STOCKHOLM (dpa-AFX) - Electrolux AB (0MDT.L, 0GQ1.L, ELUXY.PK) a Swedish home appliance maker, has announced that it is not planning to sell 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.
Yannick Fierling, CEO of Electrolux Group, said: '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. Our objectives going forward are to take advantage of the growing market in Egypt and increase our market share as well as to expand exports from Egypt.'
This proposed divestment of the Group's business in Egypt was communicated as part of the announcement made on July 20, 2023, to initiate preparations for divestment of certain assets.
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