STOCKHOLM (dpa-AFX) - Electrolux Group (0MDT.L, 0GQ1.L, ELUXY.PK) said it has made a strategic decision to focus its North American Small Appliances business on its strongest categories, as part of a process to improve the global competitiveness of the business area. In line with this decision, Electrolux has agreed to divest its North American vacuum cleaner brand Eureka to Midea Group Co., Ltd.
The agreement includes most of the assets related to the Eureka brand. Sales of products under the Eureka brand amounted to approximately US$60 million over the past 12 months. The transaction is not expected to result in any material net one-off effects on the Group income statement. The transaction is expected to close before year end.
Copyright RTT News/dpa-AFX