Electrolux buys General Electric's household appliances branch

Electrolux buys General Electric's household appliances branch

Swedish electronics giant Electrolux has paid 3.3 billion dollars (2.5 billion euro) for General Electric's household appliances branch. The acquisition should enable it to compete with Whirlpool in the American market.

American focus

 

Electrolux has now gained several new brands, like GE Monogram, GE CafĂ© and Hotpoint, which are mostly known in the United States. Electrolux' own brands, like Zanussi and AEG, are mostly European brands. The General Electric purchase means that Electrolux, currently number 2, can now compete with the branch's market leader, Whirlpool. 

 

General Electric decided to sell off the division as it aims to focus on activities with more growth potential. To be able to pay for the acquisition, Electrolux will sell new shares to cover 25 % of the purchase price.

Questions or comments? Please feel free to contact the editors


Ceconomy (former Metro) mainly achieves online growth

31/08/2017

Ceconomy, the newly-formed electronics company that split off from the Metro Group, grew 1.1 % in its first independent quarter. The owner of Media Markt and Saturn saw its web shops outperform physical stores.

New owner for smartphone manufacturer HTC?

28/08/2017

Taiwanese technology company HTC may be looking for a new owner as competition is becoming stronger. The company is now looking for options to raise funds for a battle plan.

Twelve-year sentence for Samsung's vice-president?

07/08/2017

Prosecutors in the Samsung corruption case have demanded a 12-year sentence for its former vice-president and de facto CEO of the South Korean company at the time, Jay Y. Lee, who has been charged with bribery and embezzlement.

Apple sales drop smaller than expected

02/08/2017

Apple has sold more iPhones in the third quarter of its fiscal year than it did last year, which was a surprisingly more positive feat than analysts had expected. Compared to the second quarter, there was further decline though.

Ceconomy (Media Markt) acquires quarter of Fnac Darty

26/07/2017

Ceconomy, Metro Group’s former consumer electronics division containing Media Markt and Saturn, acquired 24.3 % of Fnac Darty’s shares from the Pinault family.

 Blokker adds household appliance specialist AO.nl to Nextail

21/07/2017

Blokker Holding’s online organization, Nextail, will enter a strategic collaboration with online household appliance specialist AO.nl’s Dutch division.

Back to top