Electrolux to Divest its Shareholding in Vestfrost A/S
Aug 5, 2003
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Electrolux has signed an agreement to sell its shares in the Danish company Vestfrost A/S to the Esbjerg Group in Denmark. The Esbjerg Group
will thereby increase its shareholding in Vestfrost from 50 percent to 100 percent.
Vestfrost manufactures and sells refrigerators, upright freezers, and chest freezers. In 2002, sales amounted to approx DKK 1,100 million and the
number of employees was 1,100.
Electrolux has owned 50 percent of the shares in Vestfrost since 1972. The divestment is part of the strategy to focus on operations where the
Group is the majority owner.
The sale is expected to be completed as of Aug. 15, 2003 and will not have any significant impact on the Group's income and financial position.
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