Midea Group considers the acquisition of Electrolux Group’s Zanussi



Mon, 07 Aug 2023 - 12:45 GMT


Mon, 07 Aug 2023 - 12:45 GMT

CAIRO - 7 August 2023: Midea Group is considering to acquiring Electrolux Group’s Zanussi brand and its assets in Egypt, according to an unnamed source cited in local media reports.

If confirmed, the acquisition deal is expected to be finalized by the fourth quarter of 2023, according to the source, who further added that Zanussi’s sales, maintenance, and technical support operations in Egypt would not be affected.

The source added that Electrolux is currently evaluating several acquisition offers, including Zanussi.

This comes after Electrolux Group’s announcement In July that it will sell more than $976 million worth of brands and factories in Egypt and South Africa, as a part of its reprioritization plan.

Among the brands that will be sold are Zanussi, Ideal, Faure, Zanker, Rosenlew, Elektro-Helios, Zoppas, Olympic Electric, and Kwikot.

Electrolux generated $693.29 million in sales during 2022, with Egypt's units contributing $195.29 million to the company’s sales in 2022.

The Midea group has been an active investor in Egypt recently and is setting up a $25 million factory in China’s TEDA industrial zone. The group received a golden license to set up a $105 million factory in Sadat City.



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