The Strategist

Electrolux ponders selling Zanussi brand in the coming years



07/21/2023 - 09:30



The Swedish manufacturer does not regard Zanussi as a core asset anymore.



P.poschadel
P.poschadel
In the upcoming years, Swedish consumer electronics manufacturer Electrolux may divest the Italian Zanussi brand from its portfolio since the company no longer views it as a key asset.

In a statement released on Thursday, the business said that Electrolux Group "has started preparations for the potential sale of Zanussi and other non-core brands in the perspective of the coming years" as part of its efforts to sharpen its strategic focus.

At the current exchange rate, sale of the non-core assets, which include production facilities in Egypt and South Africa with the Zanussi brand, would bring in about SEK10 billion ($971 million) for the business. The decision will also "contribute to profit growth in selected appliance categories in the medium and premium segments."

The business previously reported a net loss of SEK648m ($62.9m) for the second quarter of 2023. The majority of this sum, SEK 643 million, had to be paid by the corporation to resolve antitrust claims in France.

source: marketwatch.com

 




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