Thu, Jul. 2, 9:06 AM
- "I’m committed to the company and will remain that way," Electrolux (OTCPK:ELUXY) CEO Keith McLoughlin told reporters in a conference call, a week after a report suggested he would leave the company.
- McLoughlin said confusion may have arisen because Electrolux is looking for an executive to run its North American operations, not the group.
- Previously: Electrolux CEO to resign (Jun. 25 2015)
Thu, Jul. 2, 3:52 AM
- Electrolux (OTCPK:ELUXY) shares are down 10% in Sweden after the DOJ filed lawsuit aimed at stopping the company's $3.3B deal to acquire GE's (NYSE:GE) appliance business.
- In a conference call today, Electrolux CEO Keith McLoughlin said buying parts of unit would not make sense for either party, but a settlement still remained in the cards.
- "Everybody we talk to says the process could last between 2 and 6 months, and shouldn't drag on for years," he added.
- Previously: Justice Department sues to block Electrolux’s $3.3B deal with GE (Jul. 01 2015)
Wed, Jul. 1, 3:14 PM
- The U.S. Justice Department says it has filed a lawsuit aimed at stopping Electrolux (OTC:ELUXF, OTCPK:ELUXY) from buying GE's appliance business, saying the deal would hurt competition and consumers by combining two of the top makers of major cooking appliances.
- GE says it will vigorously defend the proposed acquisition as pro-competitive and pro-consumer, and that its goal remains to close the deal this year.
- It is not good news for GE, which wants to be an industrial conglomerate, is seeking to rid itself of most of its financial exposure business, and has wanted to get out of appliances unit for years now.
- Earlier: Bloomberg: GE unit sale to Electrolux opposed by antitrust staff
Wed, Jul. 1, 12:28 PM
- Antitrust lawyers at the U.S. Justice Department oppose Electrolux’s (OTC:ELUXF, OTCPK:ELUXY) plan to buy General Electric’s (GE +0.1%) appliance business, Bloomberg reports.
- Staff attorneys at the DoJ’s antitrust division are said to have recommended against the $3.3B deal as currently proposed; a final decision about whether to file a lawsuit to block the deal rests with senior officials at the division.
- If the deal goes through, the Electrolux-GE operations would control ~40% of the North American appliance market.
Thu, Jun. 25, 6:58 AM
- Electrolux (OTC:ELUXF, OTCPK:ELUXY) is looking for a replacement for its Chief Executive Keith McLoughlin, who is going to step down on his own initiative, business daily Dagens Industri reports.
- McLoughlin's exit has been widely expected since his family moved back to the U.S. from Sweden a couple of years ago.
Wed, Apr. 8, 11:00 AM
- Shares of Whirlpool (NYSE:WHR) are down 1.8% after rival Electrolux (OTC:ELUXF, OTCPK:ELUXY) warns on results in North America.
- The Swedish appliance seller expects to post a loss in Q1 due in part to costs tied to energy regulations.
- "Electrolux operations continue to be negatively impacted by the transition of the product ranges within refrigeration and freezers," reads the company's statement.
- Electrolux will release full Q1 results on April 24.
- Shares of Electrolux ADRs have fallen 7.7%.
- Electrolux update on North American operations
Thu, Feb. 26, 9:30 AM
Sep. 8, 2014, 2:21 AM
- General Electric (NYSE:GE) has signed a definitive agreement to sell its appliance business to Electrox (OTC:ELUXF, OTCPK:ELUXY) for $3.3B.
- "GE's premium, high-quality appliances complement our own iconic brands and will enhance our presence in North America" says Electrolux CEO Keith McLoughlin.
- Electrolux will continue use of the GE Appliances brand following the close of the transaction (targeted for 2015).
Sep. 4, 2014, 11:33 AM
- Electrolux (OTC:ELUXF, OTCPK:ELUXY) is near a deal to buy General Electric's (GE +0.2%) appliance business for more than $2.5B, with an agreement set to be announced as early as next week, according to a Reuters report.
- GE's iconic household appliance business, which along with lighting generated $8.3B in 2013 revenue, could help the Swedish appliance manufacturer expand beyond its core European market where growth has trailed North America.
Aug. 18, 2014, 6:36 PM
- Around the time GE was closing a deal to buy Alstom's power business in France, the company was already discussing the possibility of selling its U.S. appliance business to Electrolux (OTC:ELUXF, OTCPK:ELUXY), and WSJ says the length of the courtship indicates the talks may be further along than thought.
- GE's Appliance and Lighting unit reported $381M in profit in 2013 on sales of $8.3B, making it the third-smallest of GE's seven industrial business lines by revenue, but that also makes it a prime target for sale as GE tries to pare low-margin businesses and focus its efforts on such heavy industrial products as jet engines, power turbines and oil industry equipment.
- LG Electronics and Samsung also are said to be in the mix of possible buyers, and Quirky Inc. reportedly has teamed up with Blackstone to work on a possible bid.
Jul. 12, 2013, 6:53 AMIt's not just early access to the Thomson-Reuters/University of Michigan consumer-sentiment survey that has been available for a costly fee, it's possible to buy exclusive access to a swathe of other market-moving reports. These include: Informa Economics' $30,000-70,000 a year crop surveys; the $1,500 Bedding Barometer on mattress sales, which can affect Tempur Sealy (TPX); and the Association of Home Appliance Manufacturers' monthly shipment figures, available for $600 and relevant for GE (GE), Whirlpool (WHR) and Electrolux (ELUXF.PK). | 10 Comments
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Electrolux is a global leader in household appliances and appliances for professional use, selling more than 40 million products to customers in more than 150 markets every year.<br /><br />The company focuses on innovations that are thoughtfully designed, based on extensive consumer insight, to... More
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