Electrolux said on Monday that it is too early to say if the political turmoil in Egypt will impact its planned acquisition of Cairo-based household appliances maker Olympic Group.
“We are of course following the development in Egypt closely,” said Electrolux spokesman Erik Zsiga.
In October last year, Electrolux announced a preliminary agreement to acquire a 52% stake in Egypt-listed Olympic Group, one of the largest manufacturers of household appliances in the Middle East and North Africa, from the holding company Paradise Capital.
Electrolux has previously said the $248 million acquisition is expected to reach completion during the second quarter of 2011.
“Due diligence continues as planned. Right now it is too early to say how the current situation will impact the process,” said Zsiga.
Olympic Group and Electrolux have been working together on technology, component supply, distribution and brand licensing for almost 30 years. In 2009 Olympic Group, with 7,300 employees, had sales of $369 million and an estimated volume market share of 30% in Egypt.