Electrolux signs a preliminary agreement to acquire 52% in the Egyptian company Olympic Group
As part of its strategy to grow in emerging markets, Electrolux today signed a preliminary agreement with Paradise Capital to acquire 52% of Olympic Group for Financial Investments S.A.E. Olympic Group is the largest manufacturer of household appliances in the fast-growing Middle East and North Africa region.Olympic Group has 7,300 employees and manufactures washing machines, refrigerators, cookers and water heaters. In 2009, the company had sales of EGP 2.1 billion (approx. SEK 2.5 billion) and an estimated volume market share of approximately 30% in Egypt. Electrolux and Olympic Group