The divestment of the major part of the leisure-appliances product line to EQT Northern Europe, a Northern European private equity firm, has been finalized.
The leisure-appliances operation, which is part of the Professional Indoor Products business area, is the world leader in absorption refrigerators for recreational vehicles, hotel rooms and other applications. The operations included in the agreement reported sales of SEK 4,200m in 2000, and had approximately 2,200 employees. Production is located in several European countries as well as in North America and South Africa.
The agreement does not include the operations in Germany, Austria and Slovakia, which had external sales of approximately SEK 1,100m in 2000 and about 1,400 employees. The Group has an option to divest these operations to EQT at a later date.
The divestment will be effective as of July 31, 2001, and will generate a capital gain of approximately SEK 3,200m before tax for the Electrolux Group.
The divestment is part of the Group’s continued focus on consumer durables for indoor and outdoor use, as well as a selected range of corresponding products for professional users.
For further information contact:
Electrolux Press Hotline, +46 8 657 65 07