Electrolux signs agreement to divest home comfort operation

(ELUX) Electrolux has signed an agreement for divestment of its European home comfort operation, including Electrolux Haustechnik GmbH, Nürnberg, to Stiebel Eltron GmbH & Co. KG, Germany.

The home comfort operation is part of business area Professional Indoor and sells products for water and room heating under the brand names AEG and Zanker. In 2000, sales amounted to about SEK 600m (DM130m), and the company has 280 employees.

The divestment of the home comfort division is part of Electrolux’s strategy to concentrate on its core business. The sale is expected to be completed during January, 2002.

Electrolux is the world’s largest producer of powered appliances for kitchen, cleaning and outdoor use, such as refrigerators, washing machines, cookers, vacuum cleaners, chain saws, lawn mowers, and garden tractors. In 2000, Group sales were SEK 124.5 billion and the Group had 87,000 employees. Every year, customers in more than 150 countries buy more than 55 million Electrolux Group products for both consumer and professional use. The Electrolux Group includes famous appliance brands such as AEG, Electrolux, Zanussi, Frigidaire, Eureka, and Husqvarna.

For further information contact Ulrich Gartner, corporate communications
at +49 911 323 23 58 or Michael Birke, Stibel Eltron at +49 5531 702
684. Electrolux Press Hotline is available at +46 8 657 65 07.