Electrolux to Buy GE’s Appliances Business for $3.3B
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Joe Raedle/Getty Images(NEW YORK) — Electrolux announced on Monday it has entered into an agreement to buy General Electric’s appliances business for $3.3 billion.
The acquisition will boost the Swedish company’s presence in North America.
“This is an historic moment and important strategic move for the Electrolux Group, which takes our company to a new level in terms of global reach and market coverage. GE’s premium, high-quality appliances complement our own iconic brands and will enhance our presence in North America,” Electrolux President and CEO Keith McLoughlin said in a statement.
The buyout is still subject to regulatory approvals but is expected to be completed sometime in 2015.
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