“This is an historic moment and important strategic move for the Electrolux Group, which takes our company to a new level in terms of global reach and market coverage,” said Keith McLoughlin, president and CEO of Electrolux. “GE’s premium, high-quality appliances complement our own iconic brands and will enhance our presence in North America.”
As part of the deal, Electrolux will continue using the GE Appliances brand, while GE said the sale furthers its strategic goal to focus on infrastructure and technology.
“This transaction is consistent with our strategy to be the world’s best infrastructure and technology company,” said GE chairman and CEO Jeff Immelt. “We are creating a new type of industrial company, one with a balanced, competitively positioned portfolio of infrastructure businesses with strong advantages in technology, growth markets, driving customer outcomes, and a culture of simplification.”
The transaction has been approved by the boards of directors of GE and Electrolux and remains subject to customary closing conditions and regulatory approvals, and is targeted to close in 2015, the companies said.