Blockchain Press Releases
Electrolux Group initiates preparations to divest non-core assets with total potential value of SEK 10bn
STOCKHOLM, July 20, 2023 /PRNewswire/ — As part of its ongoing work to sharpen its strategic focus, Electrolux Group announced today that the company has started preparations for a potential divestment of Zanussi and other non-core brands* during the coming years. A divestment would include the production facilities in Egypt, which produce Zanussi-branded major appliances, and production facilities for water heaters in Egypt and South Africa. Together with continued sale of non-strategic real estate, the total potential divestment value for all these assets combined is estimated to be approximately SEK 10bn.
“After the spin-off of the professional business our focus is on sustainable consumer experience innovation and the consumer lifetime journey, driven by digitalization and consumer direct interaction. The Group strategy is geared towards growing profitably in selected home appliance categories in the mid- and premium segments, primarily under our main brands Electrolux, AEG and Frigidaire. The actions announced today are one key part in this ongoing sharpening and will provide resources to execute our strategy at speed and scale, as well as contributing to achieving our targeted capital structure,” says Electrolux Group President & CEO Jonas Samuelson.
“In the current challenging macro environment, focus and strategic portfolio management are more important than ever to be able to provide attractive and relevant consumer experience innovations under our strategic brands. Further structural simplification and complexity reductions are also being evaluated.”
Group net sales in 2022 of the brands and water heater category to be divested were SEK 7.1bn, equivalent to approximately 5% of Group net sales. Of this, SEK 3.7bn relates to net sales in business area Europe, with a majority in UK and Benelux. Net sales of SEK 3.4bn relates to business area Asia-Pacific, Middle East and Africa, of which SEK 2.0bn in Egypt, and SEK 1.1bn in South Africa. The total number of employees in 2022 was 2,238 in Egypt and 856 in South Africa.
“Although the water heater businesses in Egypt and South Africa are profitable and the brands we are now looking at divesting are all well-known in their respective markets, these assets do not have sufficiently strong synergies with our core strategy to warrant the required focus and investment from Electrolux Group. Therefore, we believe in the opportunity for greater value creation and growth under different ownership. We will of course of evaluate the attractiveness of potential offers on a case-by-case basis,” continues Jonas Samuelson.
The real estate divestments include among others, the previously announced production facilities in Memphis and Nyíregyháza, where production either has ceased or will be discontinued.
Société Générale acts as advisor in the brands and water heater category divestment processes.
*Brands in-scope for divestment include primarily the major appliances brands Zanussi, Ideal, Faure, Zanker, Rosenlew, Elektro-Helios and Zoppas and the water heater brands Olympic Electric and Kwikot.
This is information that AB Electrolux is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, on July 20, 2023 at 07.50 CET.
CONTACT:
For further information, please contact:
Sophie Arnius, Investor Relations, +46 70 590 80 72
Electrolux Group Press Hotline, +46 8 657 65 07
The following files are available for download:
|
23-07-20 PRM Preparations for divestment of non-core assets ENG final |
View original content:https://www.prnewswire.co.uk/news-releases/electrolux-group-initiates-preparations-to-divest-non-core-assets-with-total-potential-value-of-sek-10bn-301881819.html
Blockchain Press Releases
Vietnam’s Youth Rally Behind Blockchain: KuCoin Reveals Groundbreaking Insights at VTIS 2024
HANOI, Vietnam, Jan. 10, 2025 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is excited to share the findings from its second edition of the KuCoin Campus Survey, conducted during the Vietnam Technology & Investment Summit (VTIS) 2024. With 926 participants surveyed from December 3rd to December 4th, 2024, the results underscore the vibrant interest in blockchain technologies among Vietnam’s youth, reinforcing KuCoin’s commitment to nurturing this vital market.
The survey, a key initiative under KuCoin Campus, highlights a strong, positive sentiment towards cryptocurrencies, with 92% of participants optimistic about the future of digital assets. Remarkably, 82% of respondents are considering blockchain-related careers, signaling a burgeoning talent pool eager for development and opportunities within the industry.
Vietnam’s strategic importance to both KuCoin and the broader crypto community is evident as 68% of participants expressed a “very high interest” in blockchain, making it a critical hub for crypto innovations and community engagement. Additionally, 73% of respondents currently hold cryptocurrencies, demonstrating a mature market ready for further expansion and adoption.
The survey also uncovered a significant inclination towards diverse blockchain roles, with data analysis (24%), marketing (22%), and business development (21%) being the most coveted. These insights are invaluable as they highlight the areas of highest potential and interest among the future workforce.
“Vietnam has been and will continue to be a key market for us,” said Alicia Kao, the Managing Director of KuCoin. “As the People’s Exchange, we are committed to empowering and equipping this new generation with the tools they need to succeed in the evolving digital landscape.”
View the full report here (EN version, VN Version), or visit KuCoin’s official website for further information.
About KuCoin
Founded in 2017, KuCoin is one of the pioneering and most globally recognized technology platforms supporting digital economies, built on a robust foundation of cutting-edge blockchain infrastructure, liquidity solutions, and an exceptional user experience. With a connected user base exceeding 37 million worldwide, KuCoin offers comprehensive digital asset solutions across wallets, trading, wealth management, payments, research, ventures, and AI-powered bots. KuCoin has garnered accolades such as “Best Crypto Apps & Exchanges” by Forbes and has been recognized among the “Top 50 Global Unicorns” by Hurun in 2024. These recognitions reflect its commitment to user-centric principles and core values, which include integrity, accountability, collaboration, and a relentless pursuit of excellence.
Photo – https://mma.prnewswire.com/media/2595229/image_5002362_11273757.jpg
Logo – https://mma.prnewswire.com/media/2356857/5109491/KuCoin_Horizontal_Green_LOGO_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/vietnams-youth-rally-behind-blockchain-kucoin-reveals-groundbreaking-insights-at-vtis-2024-302347817.html
Blockchain Press Releases
TermMax Testnet Now Live on Arbitrum and Ethereum: Transforming the Future of DeFi Yields
HONG KONG, Jan. 10, 2025 /PRNewswire/ — Term Structure Labs team is thrilled to announce the launch of TermMax on the Arbitrum and Ethereum testnet, a DeFi protocol that simplifies leveraged yield strategies by offering fixed income debt & earn products with integrated leverage functions to enhance cost and time efficiency for all types of users. With the mainnet launch on Ethereum and Arbitrum scheduled for Q1 2025, TermMax offers a preview on Testnet showing how it will revolutionize fixed-income strategies in DeFi.
Experience the Future of DeFi Fixed-Income Strategies
TermMax redefines leveraged yield strategies with intuitive and accessible solutions designed to meet users’ needs. With one-click leverage, users can seamlessly open leveraged positions in Pendle’s PT tokens at fixed rates and fixed terms through a streamlined process that automates looping and reduces transaction costs. Moreover, TermMax enables users to collateralize their assets and acquire debts at fixed rates. These acquired funds can then be reinvested into yield opportunities across the DeFi ecosystem. By integrating debt and earn functions and using a customizable Uniswap v3 AMM model, TermMax empowers market makers to design their own AMM based range orders and users to leverage 5x or more and capitalize on interest rate differentials to capture higher returns. Whether aiming for predictable returns, leveraging yield-bearing assets, or exploring strategies like interest rate trading, TermMax makes optimizing investment returns simple and effective.
Explore the TermMax Testnet on Arbitrum and Ethereum
The TermMax testnet is now live on Arbitrum and Ethereum, giving users a risk-free opportunity to experience its innovative features. To get started, simply claim testnet tokens from our faucet and experiment with creating debt, earning fixed rates and leveraging yield-bearing tokens.
Exciting Upcoming Features on the Horizon
The current testnet release brings powerful features for users. With one-click leverage, users can create debt at fixed rates and gain exposure to target tokens. Creating debt and earn position at fixed rates are now available, along with opportunities to provide liquidity and earn yields and fees. Upcoming enhancements include customizable AMM for any market maker to place range orders for fixed rate debt and / or earn. The TermMax Vault will also launch, enabling Liquidity Providers to deposit funds to any Curator’s Vault to earn continuous yields and incentives across multiple markets with ease.
For more information on how TermMax is reshaping the future of DeFi fixed-income markets, visit the official website and follow us on X.
View original content:https://www.prnewswire.co.uk/news-releases/termmax-testnet-now-live-on-arbitrum-and-ethereum-transforming-the-future-of-defi-yields-302346949.html
Blockchain Press Releases
Canaan Introduces Revolutionary Bitcoin Mining Heaters for Home and Personal Use in CES 2025
LAS VEGAS, Jan. 7, 2025 /PRNewswire/ — Canaan INC (NASDAQ: CAN), a leading blockchain hardware manufacturer, today announced the launch of the Avalon Mini 3 and Nano 3S in Las Vegas, CES. The two innovative Bitcoin mining devices are designed to democratize cryptocurrency mining for individuals and turning a home heating system into a crypto mining device.
Product Innovation
Canaan is redefining home cryptocurrency mining with two groundbreaking devices. The Avalon Mini 3, with a Hashrate of 37.5Th/s, offers a unique dual-purpose solution, combining efficient Bitcoin mining with home heating. The app-controlled operation and sleek, quiet design, provides a remarkably easy-to-use, energy-efficient solution for mining newcomers and enthusiasts.
The Avalon Nano 3S, which is upgraded from the widely-welcomed Avalon Nano 3, with a Hashrate of 6Th/s, complements this offering as an affordable, beginner-friendly Bitcoin mining device. Its compact and portable design alongside its low power consumption makes it ideal for individual users while supporting the broader goal of Bitcoin network decentralization.
Reimagining Technology Efficiency
The Avalon Mini 3 can simultaneously mine Bitcoin and warm living spaces, offering homeowners a unique way to offset energy costs and reduce environmental impact. This device gives users innovative access to heat recycling, turning the computational work of Bitcoin mining into a dual-purpose solution that provides both digital currency and home comfort.
“We are committed to making Bitcoin mining accessible to everyone,” said NG Zhang, CEO and founder of Canaan. “The Avalon Mini 3 and Avalon 3S represent our vision of user-friendly, practical mining solutions for the modern individual. We’re reimagining how technology can create value while minimizing environmental waste. The Avalon Mini 3’s ability to generate cryptocurrency while heating your home is a perfect example of our vision for sustainable, multi-purpose technology.”
Availability
Preorder Now at https://canaan.io/avalonhome
During the preorder period till the end of February 2025, the price for Avalon Nano 3S is USD249 and Avalon Mini 3 is USD899 while supplies last.
About Canaan Inc.
Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. In 2013, under the leadership of Mr. Nangeng Zhang, founder and CEO, Canaan’s founding team shipped to its customers the world’s first batch of mining machines incorporating ASIC technology in Bitcoin’s history under the brand name Avalon.
Website: canaan.io
Media Contact: [email protected]
Telegram Group Official: https://t.me/Canaanio
X.com: https://x.com/canaanio
Photo – https://mma.prnewswire.com/media/2593297/image_5030889_9405383.jpg
View original content:https://www.prnewswire.co.uk/news-releases/canaan-introduces-revolutionary-bitcoin-mining-heaters-for-home-and-personal-use-in-ces-2025-302345271.html
-
Blockchain Press Releases7 days agoBybit x Block Scholes Report: BTC Options Steady with Call-Put Parity, ETH Braces for Short-Term Volatility
-
Blockchain4 days agoMetaEra Unveils Premium “CryptoFi Forum Hong Kong” Brand: The Third Installment Set for April 8 in Hong Kong
-
Blockchain3 days agoBybit Launches Fixed Rate Loan Service: A Brand-New Offering for Stability, Flexibility, and Predictable Returns
-
Blockchain7 days agoAICryptoFund Enhances Data Protection Measures to Strengthen Privacy Management
-
Blockchain3 days agoBybit Officially Launches Physical Card for Brazilian Users, Offering 2% Cashback and Exclusive Perks
-
Blockchain Press Releases3 days agoBybit Joins AI Coin Revolution with AI16Z Listing
-
Blockchain4 days ago
AICryptoFund Releases Market Analysis Report, Unveiling New Fintech Trends
-
Blockchain4 days ago
AICryptoFund Accelerates Global Expansion, Advancing Global Strategy
