Swedish group Electrolux will buy local water heater producer Kwikot Group from RMB Corvest and other parties, broadening its home comfort product range and boosting growth opportunities in Africa. The acquisition is subject to regulatory approvals being obtained before the end of June 2017. "We are excited about a next chapter in Kwikot’s growth story," the company said on Thursday. Kwikot CEO Pieter Malan said: "We ... relish the opportunity to co-operate with Electrolux given their excellent track record of investing for growth." Kwikot is a privately owned company based in Johannesburg, where it also has production facilities and its main warehouse. It has 800 employees. Products include large capacity electric and solar water heaters, heat pumps, kitchen sinks, consumables and accessories, sold mainly in SA and neighbouring countries. "Acquiring Kwikot Group will provide a step change for Electrolux in Southern Africa, through the complementary product offering, access to impor...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.