STOCKHOLM (dpa-AFX) - Electrolux AB (ELUXY.PK), a Swedish home appliance maker, said on Tuesday that it will seek an alternative buyer to sell its manufacturing facility in Memphis, USA after the intended buyer failed to proceed with the deal to complete the acquisition.
'As earlier communicated, completion of the divestment of the facility was contingent on various factors. The intended buyer has defaulted on its obligations and the agreement is therefore terminated,' Electrolux said in a statement.
Last year, an undisclosed buyer had agreed to acquire the Memphis facility including certain equipment, for $82.5 million or around SEK 930 million in cash.
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