Olympic Group workers strike for share of sale deal

Ahram Online, Sunday 18 Sep 2011

Workers claim they were promised one per cent of the Olympic Group's LE2.4 billion sale deal to Electrolux

Olympic Group Logo

Workers in Egypt's appliances giant Ideal (a subsidiary of Olympic Group) have started an open ended strike Sunday to protest not receiving their promised share of the company's sale deal to Swedish firm Electrolux.

A statement released by the striking workers says that all workers in the company's factories in Almaza, 10th of Ramadan City and 6th of October City have joined the strike. El-Dostor El-Asly newspaper, however, says that only 450 workers out of the group's 7,000 workers are striking.

Workers say that the prime minister promised them one per cent of the LE2.4 billion ($429 million) deal, which amounts to around LE3,500 per worker.

The company has not given an official response to the strike.

Olympic Group posted first-half net losses of LE39.1 million ($6.6 million).

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