(Alliance News) - Ariston Holding NV on Thursday announced that it has finalized an agreement to acquire a production site located in the Oct. 6 Municipality Industrial Park near Cairo, Egypt, from Universal Group, a historic Egyptian manufacturing company founded by Youssri Kotb.

With a total area of 40,000 square meters and about 350 people, the new site, which will be operational immediately, will house the production of a range of domestic water heating solutions developed to serve the needs of different African and Middle Eastern markets. Ariston and Universal have signed supply agreements.

The decision to invest in Egypt, a country with a significant manufacturing tradition, is in line with the group's strategy to optimize efficiency and speed in the supply chain by serving local markets through a network of centrally managed production sites spread across geographies to increase the resilience of the industrial infrastructure, foster efficiency and maximize the impact on cost and logistics, the company explained in a note.

Ariston Holding trades in the green by 1.9 percent at EUR5.78 per share.

By Claudia Cavaliere, Alliance News reporter

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