ECULLY, France--(BUSINESS WIRE)--Regulatory News:
Groupe SEB (Paris:SK) is pleased to announce the signing with its long-standing partner in Egypt, the Zahran family, of an agreement on the merger of small electrical appliances and cookware businesses with a view to reinforcing its local manufacturing base in Egypt to serve the local and export markets.
Founded in 1967, Zahran Group is the leading cookware manufacturer in Egypt. It has two industrial sites and 11 Zahran-branded stores and employs over 700 people. Since 1973, it has been manufacturing and marketing cookware under the Tefal and Zahran brands in Egypt.
In addition, in 2013, Groupe SEB set up a 75%-controlled joint venture with Zahran Group, Groupe Seb Egypt, to produce and sell small electrical appliances, including vacuum cleaners, blenders and small food processors, primarily under the Moulinex and Tefal brands. The plant is located in Borg El-Arab near Alexandria.
With a view to strengthening the current collaboration, Groupe SEB and the Zahran family decided to form a new entity, Groupe SEB Egypt Zahran, owned 55% by Groupe SEB and 45% by Zahran. This new company unites the two business activities -Small electrical appliances and cookware- and aims at:
- stepping up sales growth in Egypt and taking full advantage of the strong potential of the domestic market;
- capitalizing on the relationship of trust built over many years with Zahran;
- reinforcing the Group’s production base in the region in order to facilitate access to certain markets, in Africa and the Middle East.
The transaction, subject to the approval of the Egyptian regulatory authorities, is expected to be finalised in second quarter 2018.
Groupe SEB revenue in Egypt for 2017 amounts to around €20 million.
2018 AGENDA
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January 23, after trading Provisional 2017 sales |
May 16 Annual General Meeting |
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March 1, before trading 2017 sales and results |
July 24, before trading H1 2018 sales and results |
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April 26, after trading
Q1 2018 sales and financial data |
October 25, after trading
9-month 2018 sales and financial data |
Find us on www.groupeseb.com
The world leader in small domestic equipment, Groupe SEB operates in nearly 150 countries with a unique portfolio of top brands including Tefal, Rowenta, Moulinex, Krups, Lagostina, All-Clad, WMF and Supor, marketed through multi-format retailing. Selling some 250 million products a year, it deploys a long-term strategy focused on innovation, international development, competitiveness and service to clients. Groupe SEB has nearly 32,900 employees worldwide.
