The Board of Directors of AB Electrolux has decided to apply for delisting from the London Stock Exchange, LSE. The Electrolux B-share has been listed on the LSE since 1928.
The LSE listing has been a part in a strategy to increase international ownership in Electrolux. However, this listing is no longer deemed necessary due to deregulation of international capital markets and the increased foreign ownership of shares on OMX Nasdaq Stockholm.
In recent years, trading of Electrolux shares on the LSE has been limited. Electrolux has also exited its other international listings in recent years, including those of Paris, Z¼rich and Geneva as well as New York’s Nasdaq.
It is expected that the delisting will become effective during the first quarter 2010.
To take advantage of synergies, improve coordination and increase efficiencies, Electrolux has also decided to consolidate most of its U.S. corporate office operations and support functions into one single location.
Electrolux has selected Charlotte, North Carolina as the location for the new corporate headquarters. Consolidation will be done gradually and is scheduled to start in the third quarter of 2010.
The consolidation will result in a charge against operating income of approximately SEK 220 million in the fourth quarter of 2009, within items affecting comparability.