Category: Electrolux

Electrolux said on yesterday, 10th July, it would buy Egyptian appliance maker Olympic Group, completing a takeover delayed by the political turmoil in Egypt this year.

More details are starting to emerge as creditors of Daewoo Electronics seek to sell the third-largest electronics firm in Korea to a Swedish company following their failed efforts to sell the group to the initial preferred bidder Entekhab, sources report.

Bloomberg reports this afternnon that Electrolux CEO Keith McLoughlin said that they have renewed talks with Daewoo Electronics Corp. about potentially buying the bankrupt South Korean appliance maker.

Electrolux plans to increase prices for appliances in the European market by 5-7%, effective as of October 1, 2011. The price increases will offset increasing costs for raw-materials and transportation.

Olympic Group said today that Electrolux, which has a preliminary agreement to buy the Egyptian appliance maker, will extend due diligence checks on the $370 million deal by 15 days.

Electrolux says its net profit fell by 50 percent in the first quarter amid unfavorable currency exchange rates, price pressure and increased raw-material costs.

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.

From a press release Electrolux says that it has has been recognized by the Ethisphere Institute as one of the companies in the ranking World’s Most Ethical Companies 2011. The ranking names 110 companies in 38 industries that surpass their industry peers.

Electrolux has announced the launch of a unique temporary dining concept. Two Electrolux ‘Cube’ restaurants will be popping up on a series of landmark sites across Europe over the course of 2011, starting with a placement on top of the Parc du Cinquantenaire in Brussels, Belgium.

Now this article really is a surprise and one I never thought I would be writing but, it is being mooted that Electrolux, the world’s second largest appliance manufacturer could be ripe for a takeover according to a Wall Street Journal article.