Electrolux extends plant closure in Egypt
Stockholm, August 18, 2013
Electrolux, the world's second-biggest home appliances maker, on Sunday extended the closure of its Egyptian facilities until security stabilises.
Electrolux, which has nearly 7,000 employees in Egypt, suspended production in the country on Wednesday for five days.
The Swedish company said in a statement it would reassess developments continuously. "Operations will be resumed as soon as the security situation stabilises," it said.
More than 700 people have died, most of them backers of ousted president Mohamed Mursi, in four days of violence during which the army-backed government launched a fierce crackdown on his supporters.
Electrolux's turnover in Egypt was more than 2 billion crowns ($307 million) last year, out of total sales of about 110 billion. It bought Egypt's biggest appliances maker Olympic Group in 2011.
Other international firms that halted production in the country earlier in the week include General Motors. - Reuters