Electrolux will hold its AGM today at 17.00 CET in Stockholm. President and CEO Keith McLoughlin’s speech will be webcast at Electrolux website.
In addition to presenting the developments of 2010 and the Group’s strategic direction going forward, McLoughlin will comment on the current business conditions and repeat the expectations for 2011 that was presented in connection with the year-end report in February.
“The first quarter will continue to suffer from weak prices in most regions. To compensate for increasing raw material costs we have in North America announced a general price increase. We believe this will have a positive impact from the second quarter 2011 and onwards. The costs for our most important raw materials continue to increase, and this will have a full impact in the first quarter 2011. In addition to increased costs for steel, we also see considerable increases in plastics and base metals. We expect the costs for raw materials in 2011 to increase between SEK 1.5 and 2 billion compared to 2010. The majority of the increase will occur in the first half of 2011, weighted towards the first quarter.”
Keith McLoughlin’s speech will be webcast live starting at about 17.05 CET. There could be a slight delay if the opening of the meeting takes longer than expected.
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Contact Electrolux Press Hotline, +46 8 657 65 07.
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