Electrolux will make provision for loan guarantees within professional
(ELUX) Electrolux will make a provision of EUR 32m (approximately SEK
290m) in the third quarter of 2003, referring to previously issued loan
guarantees for launderette operators in Germany. The launderettes are
experiencing financial difficulties due to weak market conditions, and
Electrolux may be required to fulfill its guarantee commitments.
The launderettes are equipped with professional laundry equipment
supplied by the Electrolux Group. In accordance with common business
practice in this sector, Electrolux has previously provided guarantees
for loans in connection with the set up of launderettes. The guarantees refer mainly to the second half of the 1990’s.
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 and Husqvarna. In 2002, Electrolux had sales
of SEK 133.2 billion and 82,000 employees.
For further information, please contact Investor Relations at
+46 8 738 60 03.
Electrolux Press Hotline is available at +46 8 657 65 07.