Home
Global Supplier Directory
APPLIANCE Engineer
Supplier Solutions
APPLIANCE Line
Whitepaper Library
Calendar of Events
Association Locator
Contents Pages
Market Research
Subscription Center


 
Daily News

Electrolux Completes Acquisition of Egypt's Olympic Group
Sep 9, 2011
 Printable format
 Email this Article
 Search

Swedish appliance giant Electrolux, as of today, owns 98.33% of the shares of Egyptian appliance maker Olympic Group. Electrolux successfully completed the mandatory tender offer that was launched in connection with the agreement to acquire Paradise Capital’s 52% majority stake in Olympic Group Financial Investment Company S.A.E (Olympic Group).

Olympic Group will be consolidated in Electrolux as of September 2011, and Electrolux intends to delist Olympic Group’s shares from the Egyptian Exchange no later than in the first quarter in 2012.

Electrolux intends to offer remaining minority shareholders the opportunity to sell their shares in Olympic Group over the next 12 months.

In October 2010 Electrolux announced its intention to acquire Olympic Group but the transaction was delayed as Egypt underwent political upheaval. Once the formation of a new Egyptian government began, Electrolux again proceeded with the steps required to make the acquisition, which were finalized on Sept. 9, 2011.

Olympic Group has 7,300 employees and produces washing machines, refrigerators, cooking appliances, and water heaters.

Two associated companies - Namaa and B-Tech - are not part of the core business and will be divested.

Excluding Namaa and B-Tech, Olympic Group had sales of about EGP 2.3 billion (approx. US$385 million) in 2010 and a recurring operating profit of about EGP 265 million (approx. US$44 million).

Back to Daily News

 

Daily News

...........................................................

Nov 26, 2014: Hamilton Beach 3Q income down slightly

Nov 26, 2014: LG's sales of Inverter Linear Compressor refrigerators top 10 million

Nov 25, 2014: Robotics Exhibits Grow 25% at 2015 CES

Nov 25, 2014: Index shows HVAC/R contractors more positive than last year

Nov 25, 2014: Consumer Confidence Index Declines

More Daily News>>

RSS Feeds
.........................................................
Appliance Industry
Market Research

...........................................................

November 2014: U.S. Appliance Industry: Market Value, Life Expectancy & Replacement Picture 2014
October 2014: Portrait of the European Appliance Industry
September 2014: Appliance Industry Focus: HVAC
June 2014: Appliance Magazine Market Insight: April 2014




 
Contact Us | About Us | Subscriptions | Advertising | Home
UBM Canon © 2014  

Please visit these other UBM Canon sites

UBM Canon Corporate | Design News | Test & Measurement World | Packaging Digest | EDN | Qmed | Plastics Today | Powder Bulk Solids | Canon Trade Shows