Chinese Midea Group contemplates acquiring Electrolux Group’s Egyptian Zanussi

The Chinese electrical appliance manufacturer Midea Group is considering acquiring the Swedish appliances manufacturer Electrolux Group’s Zanussi brand and its assets in Egypt, reports say.

Electrolux Group announced mid last month plans to exit the Egyptian market. The company indicated that it is preparing to sell its factories in Egypt, which produce the main appliances bearing the Zanussi brand, as well as the water heater factories.

Egypt’s units contributed $195.29 million to Electrolux’s sales in 2022 globally. The Swedish group employs 2,238 Egyptians. Electrolux Group began its investments in Egypt in 2011 by acquiring the Egyptian Olympic Group, the largest home appliance manufacturer in the Middle East.