Electrolux has signed an agreement to expand its operations in the growing emerging markets in Eastern Europe through an acquisition of a factory in Ivano-Frankivsk, Ukraine.
The acquisition strengthens the Electrolux presence in Eastern Europe and will function as a part of the Electrolux supply base for markets in Central and Eastern Europe. Ukraine participates in the free trade framework within the Commonwealth of Independent States (CIS), which includes Russia, Kazakhstan, Armenia, Azerbaijan and other countries.
“By broadening our manufacturing base in the emerging markets of Eastern Europe we will increase our competitiveness and be able to supply CIS markets from within the CIS area,” says Hans Stråberg, President and CEO of Electrolux.
The factory, which manufactures washing machines, has approximately 150 employees and was acquired in 2003 by its current owner, Antonio Merloni S.p.A.
The purchase price is EUR 19m.
Closing of the deal is expected to take place in the first quarter of 2011 and is subject to approval by competition authorities.
For further information
Contact Electrolux Media Hotline on +46 8 657 65 07
About the Electrolux Group
Electrolux is a global leader in home appliances and appliances for professional use, selling more than 40 million products to customers in 150 countries every year. The company focuses on innovations that are thoughtfully designed, based on extensive consumer insight, to meet the real needs of consumers and professionals. Electrolux products include refrigerators, dishwashers, washing machines, vacuum cleaners and cookers sold under esteemed brands such as Electrolux, AEG-Electrolux, Eureka and Frigidaire. In 2009, Electrolux had sales of SEK 109 billion and 51,000 employees. For more information, visit www.electrolux.com/press and www.electrolux.com/news. Electrolux may be required to disclose the information provided herein pursuant to the Securities Market Act.
