Electrolux Group divests Nyíregyháza factory in Hungary to Qvantum

STOCKHOLM, Sept. 15, 2023 /PRNewswire/ -- Electrolux Group has divested its manufacturing facility in Nyíregyháza, Hungary to Swedish heat pump manufacturer Qvantum for a cash consideration of EUR 38m (approx. SEK 455m).

The approximate gain of EUR 25m (approx. SEK 300m) will be recorded as a non-recurring item, positively impacting the operating income in business area Europe during the third quarter of 2023.

The divestment is part of the actions to divest non-core assets with total potential value of SEK 10bn, which were communicated on July 20, 2023^[1].

Electrolux Group has since the announcement of the decision to discontinue production^[2] in Nyíregyháza explored various possibilities to divest the premises to external parties, working closely together with the local government.

The buyer Qvantum is a Swedish manufacturer of high-quality electric heat pumps, founded in 1993. Among several interested parties, Qvantum was the most suitable buyer, taking various factors into account, including plans to quickly ramp up a new manufacturing business at the site. Qvantum has expressed its interest to offer certain positions to the Electrolux Group employees at the factory.

For more information:

Sophie Arnius, Investor Relations, +46 70 590 80 72Electrolux Group Press Hotline, +46 8 657 65 07

The following files are available for download:

References

1. ^{^} communicated on July 20, 2023 (c212.net)
2. ^{^} announcement of the decision to discontinue production (c212.net)