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Electrolux to Divest its Compressor Operation
Jul 7, 2003
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Electrolux has signed an agreement for divestment of its compressor operation, to SOLE SpA, a company controlled by Dresdner Kleinwort Capital. The compressor operation is part of business area Professional Indoor Products and is a world leader in compressors for domestic and commercial appliances. The operation comprises three plants in Italy, Spain, and Austria, as well as two joint ventures in China. External sales in 2002 amounted to SEK 2,800m, and the number of employees was 4,100. The sale is expected to be completed during September 2003 and according to Electrolux, will not have any significant impact on the Group's income and financial position. Says Detlef Münchow, President of Electrolux Professional Indoor Products: "After streamlining the compressor operation, we now divest this business to a partner that will take it into the future. This means that the number of product lines within the Professional Indoor business area has been reduced to two--Food Service Equipment and Laundry Systems--which gives us the opportunity to focus our work on their development."

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