electrolux ab-ser b (ELUXF) Key Developments
The U.S. Justice Department Seeks to Block Electrolux AB's $3.3 Billion Deal for General Electric
Jul 1 15
The U.S. Justice Department has filed an antitrust lawsuit against Electrolux in federal court in Washington, D.C., in an effort to block the $3.3 billion deal for the appliance company to buy a portion of General Electric. Lawyers in the Justice Department first recommended against the Electrolux-GE deal. Electrolux announced in September that it planned to buy the appliances unit from General Electric for $3.3 billion. That acquisition was announced six months after Electrolux unveiled plans to almost double its head count here to 1,600. The local expansion was to also include an $85 million building on the Electrolux campus in the University City area. That project is on hold until the GE deal is completed. Last month, Electrolux announced it was cutting 120 jobs from its North American operations- about 1% of its work force in the U.S. Some of those jobs were to be cut from the Charlotte staff.
Electrolux AB - Special Call
Jul 1 15
To discuss its defense and legal options for the planned acquisition
Electrolux Cuts Jobs in North America
Jun 5 15
Electrolux has cut workers in North America, including some in Charlotte, as the company seeks to boost its earnings, recover from a slow ramp-up of a new appliance plant in Memphis and meet new federal energy standards for refrigerators and freezers. The company cut less than 1% of its North American workforce of 12,000. Impacted employees are eligible to apply for other roles in the company. Those who lose jobs, will be eligible for severance pay, outplacement services and employee assistance programs.
European Investment Bank Provides EUR 150 Million Loan to AB Electrolux
May 12 15
The European Investment Bank (EIB) is providing a EUR 150 million loan to AB Electrolux for the development of more energy-efficient, more user-friendly and better performing white goods and small electric household appliances. The EIB loan will enable the company to develop innovative household goods that will consume less electricity and use fewer resources, such as raw materials in production or water during operation. This project is a continuation of the EIB's successful cooperation with Electrolux. Including the current operation, the EIB has provided four loans to Electrolux, making the company's financing more cost-efficient and extending the maturity profile of its debt.
Electrolux Announces Executive Changes
May 6 15
Electrolux has appointed Ian Banes as the general manager for the Middle East, Africa and Turkey (MEA) region, based out of the Electrolux regional headquarters in Dubai. He took over the role from his predecessor, Imran Mahmoud, on April 6. Banes has been with the Electrolux Group for 12 years in various commercial and product development roles in both Asia and Europe. He has spent the last two years working in the Middle East as SVP for the Electrolux Home Comfort business. His main focus now will be on driving the growth strategy of Electrolux Group in MEA through the delivery of relevant product innovation and by differentiating the organisation through both product and brand marketing activation.