Electrolux
is to buy General Electric's household appliances business for $3.3bn (£2bn).
It
is the Swedish company's biggest deal and gives it a bigger presence in the US
to take on rival Whirlpool.
Electrolux,
which sells under brands such as Zanussi and AEG as well as its own name, is
the world's second-largest home appliance maker after Whirlpool.
"This
is an historic moment and important strategic move," said chief executive
Keith McLoughlin.
Electrolux
has been
strongest in Europe, while Whirlpool's market is predominantly in the
US.
Mr
McLoughlin added in a statement: "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."
GE's
century-old household appliance business which, along with lighting, generated
$8.3bn in revenue in 2013. GE's brands include Hotpoint.
BusinessDay
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