Electrolux to boost U.S. presence with $3.3 billion General Electric Appliances buy

[riky]

Electrolux to boost U.S. presence with $3.3 billion General Electric Appliances buy

<p><a href="http://news.yahoo.com/ge-sell-appliance-business-electrolux-3-3-billion-054117777--sector.html"><img src="http://l1.yimg.com/bt/api/res/1.2/G90ECeT3ywDjX2WosVmlyQ--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9NzU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2014-09-08T054424Z_1006950003_LYNXMPEA8704A_RTROPTP_2_CBUSINESS-US-GENERAL-ELECTRIC-DIVESTITURE.JPG" width="130" height="86" alt="The logo of US conglomerate General Electric is pictured at the company's site in Belfort" align="left" title="The logo of US conglomerate General Electric is pictured at the company's site in Belfort" border="0" /></a>Sweden's Electrolux said on Monday it would buy General Electric Co's appliances business for $3.3 billion in cash to double sales in North America and take on rival Whirlpool Corp in its biggest ever deal. Electrolux said in August it was in talks to buy the unit to tap into a market where it has lacked scale and that is growing faster than Europe. &quot;GE's premium, high-quality appliances complement our own iconic brands and will enhance our presence in North America,&quot; Electrolux Chief Executive Keith McLoughlin said in a statement. &quot;The acquisition, which is our largest ever, strengthens our commitment to the appliance business and also provides Electrolux with the scale and opportunity to accelerate our investments in innovation and global growth.&quot; Electrolux, which sells under brands such as Frigidaire, AEG and Zanussi as well as its own name, is already the world's second-largest home appliance maker after Whirlpool, but has its strongest market position in Europe.</p><br clear="all"/>

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