STOCKHOLM, Sweden, Aug. 5, 2003 (PRIMEZONE) — Electrolux (Nasdaq:ELUX) has signed an agreement to sell its shares in the Danish company Vestfrost A/S to the Esbjerg Group in Denmark. The Esbjerg Group will thereby increase its shareholding in Vestfrost from 50% to 100%.
Vestfrost manufactures and sells refrigerators, upright freezers and chest freezers. In 2002, sales amounted to approx DKK 1,100m and the number of employees was 1100.
Electrolux has owned 50% of the shares in Vestfrost since 1972. The divestment is part of the strategy to focus on operations where the Group is the majority owner.
The sale is expected to be completed as of August 15, 2003 and will not have any significant impact on the Group’s income and financial position.
The Electrolux Group is the world’s largest producer of powered appliances for kitchen, cleaning and outdoor use, such as refrigerators, washing machines, cookers, vacuum cleaners, chainsaws, lawn mowers, and garden tractors. Every year, customers in more than 150 countries buy more than 55 million Electrolux Group products for both consumer and professional use sold under famous brands such as AEG, Electrolux, Zanussi, Frigidaire, Eureka, Flymo and Husqvarna. In 2002, Electrolux had sales of SEK 133.2 billion and 82,000 employees.