Electrolux Egypt restarts full production
Stockholm, August 26, 2013
Electrolux, the world's No. 2 home appliances maker, said on Monday it had restarted full production in Egypt, almost two weeks after it suspended its operations due to violence in the country.
The Swedish company, which has about 10 production facilities on the outskirts of Cairo, said the security situation in the capital was now more stable. It said it would reassess developments continuously.
Egypt is under an army-installed government after last month's overthrow of Islamist President Mohamed Mursi. More than 1,000 people, including about 100 soldiers and police, have died in violence across Egypt since Mursi's fall.
The turmoil forced some multinational firms to suspend operations and raised fears two years of economic crisis in Egypt would swiftly get worse.
Electrolux, which has nearly 7,000 employees in Egypt, told workers to stay home on August 14 after local authorities imposed a state of emergency in Cairo. The company started limited production again on August 18.
Other international firms that suspended production in the country in that week included General Motors
Electrolux's turnover in Egypt topped 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. - Reuters