Electrolux Buys General Electric Appliance Division For $3.3B
Sweden’s Electrolux announced Monday that it would pay $3.3 billion to purchase the century-old GE appliance business, Reuters reports.
The deal gives Electrolux, the second largest appliance maker in the world, a stronger foothold in North America. The company expected to more than double its annual North American sales to about $10 billion, enough to rival Whirlpool – the largest appliance makers in North America.
Electrolux, which sells under Frigidaire, AEG and Zanussi, will get to keep the iconic General Electric Appliance brands including GE Monogram, GE Cafe and Hotpoint.
Additionally, Electrolux will receive GE’s 48.4 % stake in Mexican appliance maker Mabe.
Electrolux takes on Whirlpool in U.S. with $3.3 billion GE Appliances buy [Reuters]
Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.