FINANCIAL NEWS

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.

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