'Biggest' deal for Sweden's Electrolux

UPDATED: Swedish company Electrolux has agreed a huge deal with US appliance business General Electric Co as part of a plan to boost its presence in North America.  

Electrolux, which sells brands including Frigidaire, AEG and Zanussi as well as its own name, is already the world's second-largest home appliance maker after Whirlpool.

It announced on Monday that it was buying the appliance arm of General Electric.

Although the boards of directors of both companies have approved the transaction, it is subject to closing conditions and regulatory approvals, and is due to close next year.

"This transaction is consistent with our strategy to be the world's best infrastructure and technology company," GE chairman and CEO Jeff Immelt said in a statement.

Keith McLoughlin, the CEO of Electrolux, said the 23.4 billion kronor ($3.3 billion) deal was its "biggest ever" and said it was an "historic moment" for the company.

"GE's premium, high-quality appliances complement our own iconic brands and will enhance our presence in North America," he added.

GE Appliances has about 12,000 employees and its products include refrigerators, washers and dryers.

Source: http://www.thelocal.se, 8 September 2014