Electrolux Group has decided to retain its business operations in Egypt as part of the Group. This decision follows a final evaluation of various alternatives.
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 the divestment of certain assets.This included the sales and production of major home appliances and water heaters—a profitable business with strong, well-established brands.
Electrolux Group has recognised the growing market value of its brands in Egypt, particularly Zanussi, which encouraged the company to retain them as part of its portfolio in the Middle East and Africa.
“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.”Maissam Hannawi, Egypt Managing Director, stated: “We have a lot of strengths to build on and are looking forward to this new chapter. Over the years, Electrolux Group has made substantial investments in people, infrastructure, and production facilities We have a strong, experienced, and committed team, along with solid business Egypt’s relationships with various partners and distributors.
Additionally, we have two powerful brands in the market that consumers love and trust: Zanussi and Olympic Electric.”Electrolux Group focuses on sustainable innovation in consumer experiences, driven by digital transformation and direct consumer engagement. The Group’s strategy aims to achieve sustainable and profitable growth and allocate the necessary resources to implement its strategy swiftly and on a large scale. In addition to the importance of strategic portfolio management to enable the Group to deliver attractive and relevant innovations in consumer experiences under its strategic brand.
Maissam Hannawi, Egypt Managing Director, added: “Today, we export to around 20 countries while maintaining our leadership in the local market, with our brands holding top positions across various appliance categories—Olympic in water heaters, Zanussi in automatic washing machines, and Ideal in single-door refrigerators.
More importantly, the trust of our customers is our greatest source of pride. Our customer satisfaction rate has reached 90%, the highest globally within Electrolux Group. In addition, we are strongly committed to sustainability, as demonstrated by two of our largest factories earning the ‘Zero Landfill certification.”
