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Electrolux Group Announces Sale of Kwikot Brand to Haier
South Africa: Electrolux Group has signed an agreement to divest its South African water heater business under the Kwikot brand to Haier Smart Home for 0.13 billion USD. The sale includes the Kwikot brand and production facilities in Johannesburg and aligns with Electrolux's strategy to focus on core assets. Completion is expected in the fourth quarter of 2024, pending regulatory approvals. Electrolux will record a negative earnings impact of approximately 0.056 bn USD from this divestment, mainly due to currency depreciation, but this does not affect equity. The profitable Kwikot brand generated net sales of about 0.10 bn USD in 2023.
Source: Electrolux Group