COPENHAGEN (Reuters) – Sweden’s Electrolux said in a statement on Thursday it had agreed to divest its water heater business in South Africa for about 1.4 billion crowns ($132.69 million).
The deal includes the Kwikot brand and production facilities for water heaters in Johannesburg, Electrolux said, adding that it would book a negative earnings impact of about 600 million crowns in the second half of 2024.
The sale is expected to be completed in the fourth quarter of this year, it added.
($1 = 10.5506 Swedish crowns)
(Reporting by Louise Breusch Rasmussen; editing by Jason Neely)
