STOCKHOLM, Sweden, June 28, 2002 (PRIMEZONE) -- Electrolux (Nasdaq:ELUX) has signed an agreement for divestment of Zanussi Metallurgica, its Italian metallurgical plant to ZML Industries, a company controlled by Vestar Capital Partners, a leading U.S. private equity investment firm.
Zanussi Metallurgica is part of the Components product line in the Professional Indoor Products business area and produces components made of grey cast iron, die-cast aluminium and enamelled copper wires. The operation had sales in 2001 of approximately SEK 1,300m (EUR 140m), of which approximatley SEK 600m (EUR 65m) was external sales. The operation has about 640 employees.
The divestment is part of the Group's strategy to streamline the components operation.
The sale is expected to be completed as of July 31, 2002, and will not have any significant effect on the Group's income and financial position.
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, the Group had sales of SEK 135.8 billion and 87,000 employees. Every year, customers in more than 150 countries buy more than 55 million 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.
For more information, the Electrolux Press Hotline is available at +46 8 657 65 07.
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