Beko Egypt is on track to open its $100 million plant in the 10th of Ramadan City in the fourth quarter of 2023, the company said in a press statement.
The disclosure was made in the statement announcing the meeting between Egyptian Minister of Trade and Industry Ahmed Samir and Umit Günel, General Manager of Beko Egypt in Ankara.
The plant, spread over 114,000 square meters, will have an annual production capacity of 1.5 million devices and will export 60 percent of its output to Europe, the Middle East, and Africa.
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Electrolux to discontinue production at Nyíregyháza factory in Hungary
Electrolux has decided to discontinue production at the Nyíregyháza factory in Hungary from the beginning of 2024. The company will take a restructuring charge of approximately SEK 550 million which will be reported as a non-recurring item affecting operating income for Business Area Europe in the first quarter of 2023.
The decision follows a review of production capacity needs including an investigation into the competitiveness of the Nyíregyháza factory, which employs around 650 people and manufactures refrigeration products. The strategic direction is to optimize the refrigeration production footprint from a cost perspective through both outsourcing and own-production leveraging Group scale.
The decision means that remaining investments in refrigeration products that are part of the earlier communicated global re-engineering investments of SEK 8 billion, which started in 2018, will be revised and redirected in line with the strategic direction of Electrolux.
Electrolux is exploring possibilities to divest the factory in Nyíregyháza and is committed to collaborating with relevant authorities and stakeholders to support its employees in the best possible way during this phase.
The cash flow impact is estimated to be approximately SEK 300 million, mainly in 2024-2025. The final operating income and cash flow effects will be determined by the exchange rate on the relevant recording dates.
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