With a view to strengthening their long-standing collaboration, Groupe SEB and the Zahran family have decided to create a new entity, Groupe SEB Egypt Zahran, owned 55% by Groupe SEB and 45% by Zahran. The company brings together the small electrical appliances and cookware businesses with the objective of:
- stepping up sales growth in Egypt and taking best advantage of the market’s strong potential;
- capitalizing on the relationship of trust established over numerous years with the Zahran family;
- strengthening the Group’s production tool in the region to facilitate access to certain markets in Africa and the Middle East.
Subject to approval from the Egyptian regulatory authorities, the transaction is expected to be completed in second-quarter 2018. The new entity will post annual sales of approximately €40 million.