The Traderszone Network

Published in TZ Latest News 7 September, 2014 by The TZ Newswire Staff

Electrolux to boost U.S. presence with $3.3 billion General Electric Appliances buy

Sweden’s Electrolux (ELUXb.ST) said on Monday it would buy General Electric Co’s (GE.N) appliances business for $3.3 billion in cash to double sales in North America and take on rival Whirlpool Corp (WHR.N) in its biggest ever deal. Electrolux said in August it was in talks to buy the unit to tap into a market where it has lacked scale and that is growing faster than Europe. “GE’s premium, high-quality appliances complement our own iconic brands and will enhance our presence in North America,” Electrolux Chief Executive Keith McLoughlin said in a statement.

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