MM Group for industry and International Trade (MTI) announced on Tuesday that it has signed a distribution agreement with BSH Hausgeräte, Europe’s innovation leader and the world’s second largest producer of household appliances.
Sales are planned to start during February 2018 and are expected to add in excess of EGP 200m to the company’s 2018 revenues.
“The free trade agreement between Egypt and Europe will allow us to offer the Bosch brand to the market at competitive prices compared to other brands in the market. MTI aims to reach a wider consumer base through delivering an overall premium consumer experience in Egypt,” said Khaled Mahmoud, chairperson and CEO of MTI, on the sidelines of a conference on Tuesday.
“I believe this cooperation will broaden our product offerings and will increase our market share in the household appliances market. We hope to further strengthen this cooperation in the future,” he added.
Norbert Klein, BSH executive vice president for Turkey, the Middle East, Africa, and the Commonwealth of Independent States, said, “BSH believes that this strategic step with such a reputable organisation as MTI with its 40,000+ sales points will further add to our constantly increasing market share in Egypt.”
Replying to a question by Daily News Egypt about the ability to build a facility in Egypt to produce their products, he said, “all options are on the table, including building a factory in Egypt.”
“This partnership will undoubtedly help us improve our presence in the Egyptian market”.
BSH annual sales worldwide stood at €13.1bn in 2016, according to its website.
MTI is an Egyptian joint-stock company listed on the EGX. Its operations include consumer electronics, telecommunications, and automotives.