Electrolux to acquire leading water heater company in South Africa
Electrolux today announced it has agreed to acquire South Africa’s leading water heater producer Kwikot Group (Kwikot Proprietary Limited and its affiliates), for a total enterprise value of ZAR 3.18 billion (approximately SEK 2 billion). The acquisition broadens Electrolux home comfort product range and offers a strong platform for growth opportunities in Africa.In the financial year ending June 30, 2016, Kwikot Group had sales of approximately ZAR 1.13 billion (approximately SEK 730 million), and an operating profit margin of more than 20%. With about 800 employees, the acquisition