- Electrolux to divest Eureka brand
Electrolux to divest Eureka brand
The Electrolux Group 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.
“This move allows us to focus on our most profitable categories in the U.S.,” said Ola Nilsson, Head of Electrolux Small Appliances. “It also allows us to invest in innovation and strategic growth. The U.S. vacuum cleaner market remains important for Electrolux.”
The agreement includes most of the assets related to the Eureka brand. Sales of products under the Eureka brand amounted to approximately USD 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.
For further information, please contact
Electrolux Press Hotline, +46 8 657 65 07.