The bankruptcy of Brandt, a top home appliance maker, declared Dec. 11, marks a major setback for Cevital Group, the private conglomerate owned by Algerias richest man Issad Rebrab. The collapse leaves 700 employees without jobs and underscores challenges in maintaining overseas investments amid economic and political uncertainties.
Brandt acquisition tests Rebrabs European reach
Cevital acquired Brandt, a manufacturer of washing machines, ovens, refrigerators, small appliances and air conditioners, in April 2014. The deal highlighted an Algerian investors ability to maintain a European manufacturing brand. Algeria noted the acquisition as evidence of Issad Rebrabs capacity to expand his company beyond domestic markets.
