Electrolux Group has completed Memphis factory divestment

STOCKHOLM, Dec. 22, 2023 /PRNewswire/ -- Electrolux Group has divested its factory in Memphis, Tennessee, USA, for a cash consideration of USD 35m (approx. SEK 350m).

The gain of approximately USD 25m (approx. SEK 250m) from the divestment will be recorded as a non-recurring item, positively impacting the operating income in business area North America during the fourth quarter of 2023.

The divestment follows a previous agreement, under which the intended buyer chose to terminate the agreement at the end of the due diligence period due to changed financial circumstances.

The divestment is part of the actions to divest non-core assets, which were communicated on July 20, 2023.

The Group's production in Memphis stopped on June 30, 2022, and the operations have been transferred to the new facility in Springfield, Tennessee.

This disclosure contains information that Electrolux Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 22-12-2023 16:30 CET.

CONTACT:

For more information:

Sophie Arnius, Investor Relations, +46 70 590 80 72

Electrolux Group Press Hotline, +46 8 657 65 07

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SOURCE Electrolux Group