Sweden-based Electrolux said on Wednesday that it was gaining market share in its key North American market, despite price pressures.
At an investment conference in southern Sweden, CEO Hans Straberg said that the North American white goods market had shown stability in the year-to-date and had picked up in recent months.
"In the last two months, the market has been turning up, which supports our view of a flat or slightly growing market this year," Mr. Straberg said. "We are outpacing the market now in North America, and we hope to continue to do so."
Electrolux, which says it has 23-24 percent market share in North America, is the third biggest player after Whirlpool and GE Appliances. Its North American white goods unit contributes approximately 35 percent to annual global sales of 133 billion Swedish crowns (U.S. $17 billion).
On Tuesday, Keith McLoughlin, head of Electrolux's North American business, said its U.S. market should grow 4 to 6 percent in 2004. Europe remained tough, he said, but could deliver moderate growth and stable profits in 2003.
Mr. Straberg said Electrolux's North American market share gains had been achieved in the face of tough competition, which sparked price deflation of around 3 percent.
"We have seen a little more price pressure in the U.S. this year, perhaps three percent down against last year's two percent, but we have taken market share," he said. (Reuters)
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