STOCKHOLM, Sweden, April 22, 2002 (PRIMEZONE) -- Electrolux (Nasdaq:ELUX) has signed an agreement for divestment of its motor operations, to ACC SpA (Appliance Components Companies). ACC SpA is controlled by a close-end fund managed by Dresdner Kleinwort Capital. Co-investors are also Centrobanca and Friulia, two Italian investment banks.
The motor operations is part of the Components product line in the Professional Indoor business area and produces motors for domestic appliances and industrial applications. Electrolux motor operations has three plants; Sole in Pordenone, Italy, FHP in Oldenburg, Germany, and in Bercel, Hungary. The three plants represent the European leader in the sector of electric motors for washing machines, dishwashers and dryers. In 2001, sales amounted to SEK 2,247m (Euro 236.3 m), and the plants have 1,951 employees.
Said Detlef Munchow, President of Electrolux Professional Indoor Products: "The divestment of the motors division reflects our continual effort to divest under-performing operations."
The sale is expected to be completed as of April 30, 2002, and will generate a capital gain of SEK 6m for the Group.
Electrolux is the world's largest producer of powered appliances for kitchen, cleaning and outdoor use, such as refrigerators, washing machines, cookers, vacuum cleaners, chain saws, lawn mowers, and garden tractors. In 2001, Group sales were SEK 135.8 billion and the Group had 87,000 employees. Every year, customers in more than 150 countries buy more than 55 million Electrolux Group products for both consumer and professional use. The Electrolux Group includes famous appliance brands such as AEG, Electrolux, Zanussi, Frigidaire, Flymo, Eureka, and Husqvarna.
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