Swedish-based appliance maker Electrolux is planning to invest still more in its manufacturing operations in Hungary in 2007. Hungarian business journal BBJ reports that Electrolux plans to spend 8 billion forints (approx. U.S. $4 million), about the same amount invested in the operation in 2006.
BBJ reports the announcement came from deputy CEO Lars Goran Johansson at an event yesterday in Jaszbereny celebrating the company’s 15 years in Hungary.
Electrolux said a recent plan to cut jobs in the face of an economic slowdown and rising raw material prices would lead to larger annual savings than first predicted but at a higher initial cost.
When Business Week asked how the new Electrolux CEO Keith R McLoughlin will win back the global appliance crown Electrolux lost five years ago he said he has a secret weapon: the growing ranks of middle-class moms, ultrasonics.
Electrolux is still interested in buying Daewoo according to reports today, should the takeover of the bankrupt South Korean appliance maker by an Iranian rival fall through, Chief Executive Officer Keith McLoughlin said. Creditors of Daewoo last year agreed to an offer from Entekhab Industrial G…