Electrolux to divest its water heater business in South Africa

Reuters/REUTERS

The deal includes the Kwikot brand and production facilities for water heaters in Johannesburg, Electrolux said

Louise Breusch Rasmussen, Reuters News

July 18, 2024

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COPENHAGEN - Sweden's Electrolux said in a statement on Thursday it had agreed to divest its water heater business in South Africa for about 1.4 billion crowns ($132.69 million).

The deal includes the Kwikot brand and production facilities for water heaters in Johannesburg, Electrolux said, adding that it would book a negative earnings impact of about 600 million crowns in the second half of 2024.

The sale is expected to be completed in the fourth quarter of this year, it added.

($1 = 10.5506 Swedish crowns)

(Reporting by Louise Breusch Rasmussen; editing by Jason Neely)

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