(ELUX) Email Ltd. of Australia has today released its Target’s Statement recommend-ing acceptance of the Smorgon Steel Group takeover bid that was announced on September 28, 2000. The recommendation to accept is conditional on the divestment of the Major Appliances business of Email to a third party.
Email has informed Electrolux that it is prepared to enter into a binding Heads of Agreement with Electrolux. Electrolux is interested in continuing discussions with Email.
The Major Appliances business includes the manufacture, distribution, sale, marketing, and servicing of white-goods in Australia and New Zealand. In the fiscal year ending March 31, 2000, sales of the Major Appliances business were AUD 919 million, approx. 45% of the total turnover of Email Ltd. The operating profit was AUD 55.2 million, which corresponds to an operating margin of 6%. As of March 31, the company had 4,800 employees in Australia and New Zealand.
The Electrolux Group currently has a licensing agreement (trademarks and technology) with Email Ltd. to produce household appliances under some of the Group’s trademarks. Electrolux is also a shareholder in Email Ltd. (approx. 4.8%).
For further information contact:
Electrolux Press Hotline, +46 8 657 65 07