Electrolux sells Washex/Challenge to Lavatec
Electrolux sells Washex/Challenge to Lavatec (ELUX) The Electrolux Group is selling Washex/Challenge, a heavy-duty laundry business, to Lavatec AG, a leading German producer of laundry equipment. The sale is expected to become effective on September 30, 2000. Washex/Challenge is a part of the business sector Electrolux Professional Indoor products. The company develops, manufactures and markets technologically advanced heavy-duty laundry equipment for the industrial and institutional markets. In 1999, sales were USD 36 million, and the company has 160 employees. The head office is located in Wichita Falls, Texas. The divestment includes only the heavy-duty laundry business and will have no effect on Electrolux Wascator, a world leader in professional laundry equipment. Says Detlef Münchow, President of Electrolux Professional Indoor products: "The divestiture of the Washex/Challenge heavy-duty laundry business is part of our strategy to concentrate on our core business." Lavatec AG, based in Heilbronn, Germany, is a leading manufacturer of heavy-duty laundry equipment for the industrial garments market. Electrolux is the world's largest producer of powered appliances for kitchen, cleaning and outdoor use, such as refrigerators, washing machines, cookers, vacuum cleaners, chain saws, lawn mowers, and garden tractors. In 1999, Group sales were SEK 120 billion and the Group had 93,000 employees. Every year, customers in more than 150 countries buy more than 55 million Electrolux Group products for both consumer and professional use. The Electrolux Group includes famous appliance brands such as AEG, Zanussi, Frigidaire, Eureka, and Husqvarna. Further information For further information, please contact Detlef Münchow, President of Electrolux Professional, at +39-0438-362421. Samir Tadros, CEO of Lavatec AG, at +49-7131-2980. The Electrolux Press Hotline is available at +46 8 657 65 07. For cancellation of or changes to this fax distribution service, please return this document, with your name, company, and fax number, stating what you want to change, to fax no +46 8 738 74 61. ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2000/09/14/20000914BIT00830/bit0001.doc http://www.bit.se/bitonline/2000/09/14/20000914BIT00830/bit0002.pdf