Electrolux Group divests Nyíregyháza factory in Hungary to Qvantum
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 (https://www.electroluxgroup.com/en/electrolux-group-initiates-preparations-to-divest-non-core-assets-with-total-potential-value-of-sek-10bn-39904/).
Electrolux Group has since the announcement of the decision to discontinue production (https://www.electroluxgroup.com/en/electrolux-to-discontinue-production-at-nyiregyhaza-factory-in-hungary-34830/) 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.