Electrolux AB, based out of Sweden, announced this morning the company is buying GE’s appliance business for $3.3 billion!
The move by Electrolux revolves around the company attempting to rival Whirlpool Corp by eventually doubling sales in North America.
GE has been in the household appliance business for what seems like an eternity, which is close, but it has actually been a little over a century.
GE’s wide range of appliances brought in $8.3 billion in revenue in 2013, something which Electrolux is looking to build on with their strong European market and growing North American sales.
For those unfamiliar with Electrolux, the company sells under brands such as Frigidaire and Zanussi.
Electrolux Chief Executive Keith McLoughlin said in a statement, “GE’s premium, high-quality appliances complement our own iconic brands and will enhance our presence in North America. 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.”