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Electrolux to Acquire the Household Appliances Operation of Email Ltd., Australia

November 20, 2000
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Stockholm, Sweden (Business Wire) -- The Electrolux Group has signed a Heads of Agreement with Email Ltd. to acquire the Major Appliances Business of Email Ltd., Australia's leading producer of household appliances.

The purchase price will be approximately AUD 485 million (approx. SEK 2.5 billion), subject to adjustment depending on the net asset value on the closing date. The purchase is conditional upon the success of Smorgon Distribution Limited's takeover bid for Email.

Email's Major Appliances Business includes the manufacture, distribution, sale, marketing and servicing of white-goods in Australia and New Zealand (such as refrigerators, freezers, cookers, washing machines, dryers, dishwashers), the manufacture of white-goods components, as well as import and export of white-goods into and from Australia.

In the fiscal year ending March 31, 2000, sales of the Major Appliances Business were AUD 919 million and the company held a market share of approximately 60% in the Australian market. The operating profit was AUD 55.2 million, which corresponds to an operating margin of 6%. The company had 4,800 employees in Australia and New Zealand.

The Electrolux Group includes appliance brands such as AEG, Zanussi, Frigidaire, Eureka, and Husqvarna.

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