Electrolux Buys General Electric Appliance Division For $3.3B

Whenever someone mentions a General Electrics appliance the first thing that comes to mind is 30 Rock‘s Jack Donaghy and the pocket microwave, “The Funcooker.” Of course neither of those things really have anything to do with Electrolux’s deal to buy the GE appliance business, but it’s never the wrong time to reminisce about Liz Lemon and the gang.

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]

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