Electrolux to buy 52% stake in Egypt’s Olympic

11 Oct 2010

(MENAFN) Stockholm-based Electrolux AB, Europe�s biggest appliance maker, said that it has agreed to buy a 52 percent stake in Egyptian wash-machine manufacturer Olympic Group Financial Investments in a transaction valued at about $246 million, Bloomberg reported.

The company said that with the transaction, Electrolux is cementing a 30-year commercial partnership with the Egyptian manufacturer, tapping demand in the fast-growing appliance markets of the Middle East and North Africa.

The owner of the Frigidaire brand will buy Paradise Capital’s controlling interest in Olympic Group, the Swedish company said in a statement.

It is worth mentioning that Olympic Group, which has a 30 percent share of the Egyptian market, had sales of $368 million in 2009.

More News

This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more

This site is registered on as a development site.