The Annual General Meeting of AB Electrolux was held on Thursday, March 23, 2017, at Waterfront Congress Centre in Stockholm, Sweden.Read more
In 1912, Electrolux launched its first vacuum cleaner – Lux I. Today the company sells more than 60 million products to customers in more than 150 markets every year.
1910: Electrolux was incorporated as Elektromekaniska AB.
1919: Elektromekaniska AB merged with Swedish AB Lux, and Aktiebolaget Electrolux was established. Electrolux led the development of the modern canister-type vacuum cleaner and the absorption refrigerator during the early part of the 20th century.
Stock exchange listing
1928: Electrolux was introduced on the London Stock Exchange. The Group had five plants, approximately twenty subsidiaries and 250 offices throughout the world and a total turnover of SEK 70 million.
1930: Electrolux was listed on the Stockholm Stock Exchange. In 1987, trading of American Depositary Receipts, ADRs, representing Electrolux B-shares started on the NASDAQ National Market.
In March 2010, Electrolux was delisted from the London Stock Exchange (LSE). Following the delisting, all trading in Electrolux shares is concentrated towards the Nasdaq OMX Nordic Market in Stockholm. The LSE listing was part of a strategy to increase international ownership in Electrolux. However, this listing was no longer deemed necessary due to deregulation of international capital markets and the increased foreign ownership of shares on the Nasdaq OMX Stockholm.
1933: Vacuum cleaner production began in Old Greenwich, Connecticut, USA, and the first air-cooled refrigerator was produced.
1960’s: Electrolux initiated the restructuring of the fragmented Western European white goods industry. In 1968, the minority interest (39%) in Electrolux Corp., USA was sold to Consolidated Food for almost SEK 300 million. The finances generated provided Electrolux with the key to future expansion.
1984: Italian company Zanussi, including subsidiaries in Spain, was acquired, making Electrolux a leader in the European household appliances market and in the food service equipment market.
1986: WhiteConsolidated Inc, the third largest white goods company in the United States with brands such as Frigidaire, Gibson, Kelvinator and White Westinghouse, was acquired.
1986-89: The Outdoor Products business area expanded with the 1986 acquisition of the US company Poulan/Weed Eater and the 1989 acquisition of the outdoor power products business of the Roper Corporation.
Strengthening core business
1990′s: The European expansion continued with the 1994 purchase of the white-goods division of German AEG. Restructuring programs and other measures were implemented to improve profitability. For example, a two-year restructuring program in 1997 began with the divestment of the industrial products sector, as well as the sewing machine, agricultural implement and interior decoration operations. In 1998, the core business comprised Household Appliances, Professional Appliances and Outdoor Products, and Annual Group Sales had grown to SEK 117 billion.
2000: Electrolux AB re-acquired the trademark and company name “Electrolux” in North America, and thereby gained global control of the company name and the Group’s most important brand.
2001-02: The household division of the Australian company Email Ltd, was acquired in 2001. During 2001-02 two restructuring programs were implemented throughout the Group, with divestments of non-core business, productivity improving measures, cost cutting, consolidation of production, rationalization of sales and marketing, write-downs of assets and personnel cutbacks.
2003-04: The consolidation of brands, with Electrolux as the main brand, accelerated and a consumer insight-driven product development process was initiated. The group re-introduced the Electrolux brand in USA with vacuum cleaners in 2003 followed by high-end white goods in 2004. During 2003-04, relocation of manufacturing to low cost regions, including Eastern Europe, South-East Asia and Mexico, accelerated.
In February 2005, the Board of Electrolux decided that the Group´s Outdoor Products operation would be spun off as a separate company and distributed to Electrolux shareholders. At the 2006 AGM, it was decided that all shares in the wholly owned subsidiary Husqvarna AB should be distributed, and that each share in AB Electrolux entitled the owner to one share in Husqvarna AB. Owners of series A shares in AB Electrolux received series A shares in Husqvarna AB, and owners of series B shares received series B shares in Husqvarna AB. The last trading day of the Electrolux-share including entitlement to dividend of shares in Husqvarna AB was June 7, 2006.
The Group continued efforts to transform Electrolux into an innovative, consumer-focused company. Comprehensive launches of new products under the Electrolux brand were implemented in Europe in 2007 and the US during 2008. Plant closures and cutbacks were initiated and manufacturing was relocated to Eastern Europe, South-East Asia and Mexico.
In 2011 Electrolux completed the acquisitions of Olympic Group and Compañia Tecno Industrial S.A (CTI). Olympic Group is a leading manufacturer of appliances in the Middle East. The Electrolux acquisition of CTI made Electrolux the largest supplier of appliances in Chile and Argentina, and further enhanced Electrolux position as a leading appliance company in the fast-growing Latin American market.
Read more within Financial information
2016 in brief. Four of six business areas achieved an operating margin above 6%. Continued good earnings development for Major Appliances EMEA.Read more
Electrolux Annual Report for 2016 is available on the Group’s website as of today.Read more