Germany’s Henkel injects EGP 50m in Egypt

Cairo – Mubasher: Henkel AG & Company, a German chemicals and consumer goods company, on Thursday announced the completion of its expansion in Cairo Common Services Center, which serves the Middle East, Africa, and India, with up to EGP 50 million ($2.79 million) in investments.

New services and fields have been added to the centre, turning it to be a global centre in information technology support, the company said in a statement.

The centre will serve Henkel, as well as support its digital strategy under its 2020 strategy, the Düsseldorf-based company added.

Henkel has invested around EUR 80 million ($92.19 million) in Egypt over the past five years.

Henkel last posted a 1.1% year-on-year rise in sales in the third quarter of 2018, on the back of strong performance in its adhesives technologies business, while its operating profit jumped 11.1%. The firm logged EUR 5.04 billion ($5.69 billion) in sales Q3-18, up from EUR 4.98 billion in Q3-17.

Mubasher Contribution Time: 10-Jan-2019 14:09 (GMT)
Mubasher Last Update Time: 10-Jan-2019 14:23 (GMT)