Deals
Electrolux Soars on Sweeping Factory Overhaul, Spinoff Plan
- Moving stove, refrigerator production will cost $111 million
- Swedish appliance maker to spin off commercial-products unit
Employees check washing machine units for quality control on the production line at the Electrolux AB plant in Olawa, Poland.
Photographer: Bartek Sadowski/BloombergThis article is for subscribers only.
Electrolux AB shares jumped after the Swedish appliance maker unveiled a sweeping production revamp in the Americas and a plan to spin off a division in response to the triple blows of changing U.S. trade policy, soaring raw material costs and the collapse of retailer Sears.
The Stockholm-based maker of refrigerators, stoves and other household goods will close a new plant in Memphis, Tennessee, and move refrigeration equipment out of a factory in Santiago, Chile as part of a more than 1 billion krona ($111 million) manufacturing redesign.