Electrolux signs agreement to divest its shareholding in Vestfrost A/S

Electrolux has signed an agreement to sell its shares in the Danish
company Vestfrost A/S to the Esbjerg Group in Denmark. The Esbjerg Group
will thereby increase its shareholding in Vestfrost from 50% to 100%.

Vestfrost manufactures and sells refrigerators, upright freezers and
chest freezers. In 2002, sales amounted to approx DKK 1,100m and the
number of employees was 1100.

Electrolux has owned 50% of the shares in Vestfrost since 1972. The
divestment is part of the strategy to focus on operations where the
Group is the majority owner.

The sale is expected to be completed as of August 15, 2003 and will not
have any significant impact on the Group’s income and financial

The Electrolux Group is the world’s largest producer of powered
appliances for kitchen, cleaning and outdoor use, such as refrigerators, washing machines, cookers, vacuum cleaners, chainsaws, lawn mowers, and
garden tractors. Every year, customers in more than 150 countries buy
more than 55 million Electrolux Group products for both consumer and
professional use sold under famous brands such as AEG, Electrolux, Zanussi, Frigidaire, Eureka, Flymo and Husqvarna. In 2002, Electrolux
had sales of SEK 133.2 billion and 82,000 employees.

The Electrolux Press Hotline can be reached at +46 8 657 65 07.