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
Binance, a leading cryptocurrency exchange, has announced adjustments to the tick size (the minimum change in the unit price) of specific spot trading pairs. These adjustments are aimed at enhancing market liquidity and improving the overall trading experience for users. The changes are scheduled to be completed by 05:00 (UTC) and 07:00 (UTC) on May 23, 2024.
Traders can find details about the tick sizes of all spot trading pairs on Binance in the platform’s Trading Rules. Importantly, the adjustment will not impact spot trading and related functionalities. API users will also observe changes in the tick size, and they can stay updated with the latest tick size using the GET /api/v3/exchangeInfo endpoint. Additional details and updates can be found in the API Changelog.
Existing spot orders will not be affected by the tick size update. Orders placed before the update will continue to be matched with the original tick size. However, traders are advised to adjust their trading strategies accordingly to avoid any unnecessary impact on their trading activities.
Binance emphasizes the importance of referencing the English version of the announcement for the most accurate and up-to-date information, as there may be discrepancies in translated versions. The exchange remains committed to providing a seamless trading experience and appreciates the support of its users. Users are reminded to exercise caution and make informed decisions when trading on the platform.
Source: blockchain.news
The post Binance Announces Adjustment of Tick Size for Spot Trading Pairs appeared first on HIPTHER Alerts.
According to an official announcement released on May 16, 2024, OKX will introduce new USDC trading pairs in the spot trading section between 7:00 am and 8:00 am UTC on May 20, 2024. This addition aims to broaden trading options for OKX users and contribute to the expanding USDC ecosystem.
In light of the risks associated with digital asset trading, OKX has issued a cautionary note to all users. They emphasize that information provided by OKX and third parties is for informational and educational purposes only. OKX does not guarantee the accuracy or completeness of any information and does not provide financial, investment, or other forms of advice.
OKX highlights the speculative nature and high volatility of digital assets, cautioning that they may become illiquid at any time, potentially resulting in the loss of the entire investment. Therefore, OKX advises users to conduct thorough research and assess their risk tolerance before engaging in digital asset trading.
For inquiries regarding the new USDC spot trading pairs or any other concerns, users can contact OKX through their support center or engage with the OKX team on various platforms. OKX’s proactive approach in addressing user inquiries and fostering community interaction underscores its commitment to user satisfaction and the overall growth of the crypto ecosystem.
Source: blockchain.news
The post OKX Announces Support for New USDC Spot Trading Pairs appeared first on HIPTHER Alerts.
ShibaSwap, the decentralized exchange (DEX) affiliated with the Shiba Inu ecosystem, has announced a significant upgrade by migrating to the Shibarium blockchain. This move is expected to introduce a range of new utilities for users, as stated in a recent press release.
The upgrade includes features such as a revamped dashboard, enhanced user experience, discovery charts for trending tokens, and an improved process for onboarding new tokens onto the DEX.
Lead developer Shytoshi Kusama expressed enthusiasm for the upgrade, highlighting its potential to empower DEFI innovators and facilitate community token interaction on Shibarium. Kusama also invited the community to explore the new swap and encouraged existing Shibarium tokens to transition to the platform seamlessly, while assuring that further updates are in the pipeline.
A portion of transaction fees will be utilized to enhance liquidity pool (LP) value in swap transactions, benefiting users and the yield farming community, according to the press release.
The upgrade rollout will prioritize enhancing discovery and can be expected to include more regular updates and upgrades, as noted by fellow developer and contributor Kaal.
The upgrade aims to minimize gas fees and ensure faster transactions, in addition to supporting various segments of the Shiba Inu Ecosystem, including $SHIB and $LEASH tokens, SHEboshis DN-404 tokens, SHIB The Metaverse, ShibaSwap DEX, and the Shiba Eternity game.
Shibarium’s layer 2 mainnet, launched in August 2023, saw the creation of 21 million wallets and was trialed by millions of users. It introduced a new consensus mechanism called proof-of-participation (PoP), which selects validators based on their holdings of the associated cryptocurrency.
As of the latest data, the price of SHIB stands at $0.0002548, reflecting an almost 7% increase in the last 24 hours, with SHIB being the 11th largest in terms of market cap, according to CoinMarketCap.
Source: cointelegraph.com
The post ShibaSwap rolls out major upgrade, moves to Shibarium appeared first on HIPTHER Alerts.
-
Blockchain6 days agoBHE Exchange: Redefining the Future of Digital Asset Trading
-
Blockchain Press Releases6 days agoVenom and KuCoin Ventures forge strategic partnership
-
Blockchain3 days agoRevoluGROUP Canada Inc. Announces Leave of Absence for Chairman Bernard Lonis
-
Blockchain Press Releases2 days ago
Swaps Launches Innovative Payment Links for Crypto and Fiat Transactions
-
Blockchain Press Releases3 days agoKuCoin Research Report Reveals: $1 Billion in Financing and Rising Stablecoin Issuance Amid Market Fluctuations
-
Blockchain2 days agoTornado Cash dev Alexey Pertsev gets 64-month prison term after Dutch court finds him guilty of money laundering
-
Blockchain2 days ago
OrdinalsBot Behind 80% of the Largest Files Inscribed on Bitcoin Blockchain; Announces Revenue, Growth and Partnerships
-
Blockchain3 days ago
Robert Kiyosaki Advocates Bitcoin Amid Impending BRICS Crypto Launch
