Electrolux Group Egypt is planning to sell its Zanussi brand for the Chinese electrical appliance manufacturer Midea Group over the coming period, according to a source familiar with the matter on Monday.
The acquisition plan will include the company’s factories in Egypt, which produce key Zanussi-branded devices, along with water heater plants in Egypt and South Africa.
The deal is expected to be executed by the fourth quarter (Q4) of this year, the source said, stressing that Zanussi’s sales, maintenance, and technical support operations in Egypt would not be affected.
The brands that fall within the scope of sale include primarily the main appliance brands: Zanussi, Ideal, Faure, Zanker, Rosenlew, Elektro-Helios, Zoppas, Olympic Electric, and Kwikot.
