Significant earnings improvement across the Group. During the second quarter Electrolux improved its operating income by close to 25%, achieving an operating margin of 6.2%.Read more
Electrolux acquires wine cabinet company in Asia Pacific
Electrolux today announced it has agreed to acquire Vintec, an Australia and Singapore-based company which supplies a wide range of climate-controlled wine cabinets throughout the Asia Pacific region.
With annual sales of more than AUD 22 million (approx. SEK 139 million), Vintec sells products under the market leading brands Vintec and Transtherm for both residential and professional customers. About two thirds of sales are in Australia, where Vintec also engages over 9,000 consumers through the Vintec Club. This membership club focuses on enhancing the ownership experience through wine appreciation events, accessory offers and wine recommendations.
“We see a strong growth potential for these products in Asia, as wine consumption is increasing and penetration of wine cabinets is still at a low level,” said Kenneth Ng, Head of Electrolux Major Appliances Asia Pacific. “Vintec has a good strategic fit with our major appliances business and further strengthens Electrolux focus on delivering great taste experiences to consumers.”
Vintec was founded in 1998 and has a leading position in Australia and other core markets in Asia. The company offers freestanding and integrated models ranging from compact 30-bottle cabinets – suiting most domestic kitchens – to 4,000-bottle walk-in wine cellars.
The transaction is expected to close in Q3, 2016.
For further information, please contact
Electrolux Press Hotline, 46 8 657 65 07.
|Press release – Electrolux acquires wine cabinet company in Asia Pacific June 28, 2016 - Language: English||June 28, 2016||English|
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