Electrolux specifies overhead cost savings

As communicated at the Capital Markets Day in November, Electrolux is reducing overhead costs in all regions. Savings from these measures will amount to SEK 680 million annually and incur a cost of SEK 630 million. 

Activities to reduce staffing levels in all regions were initiated in the fourth quarter of 2011 and will continue in the beginning of 2012.

Total non-recurring costs for these measures of approximately SEK 630 million will be charged against operating income in the fourth quarter of 2011. Savings are expected to amount to approximately SEK 680 million on a yearly basis, and the saving activities will be fully implemented in 2012. The annual savings are about SEK 180 million higher than previously estimated and communicated at the Capital Markets Day in November, while costs are about SEK 130 million higher.

For further information, contact Electrolux Press Hotline, +46 8 657 65 07.

Electrolux discloses the information provided herein pursuant to the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 08.30 CET on December 20, 2011.

Electrolux is a global leader in household appliances and appliances for professional use, selling more than 40 million products to customers in more than 150 markets every year. The company focuses on innovative products that are thoughtfully designed, based on extensive consumer insight, to meet the real needs of consumers and professionals. Electrolux products include refrigerators, dishwashers, washing machines, cookers, air-conditioners and small appliances such as vacuum cleaners sold under esteemed brands like Electrolux, AEG, Eureka and Frigidaire. In 2010 Electrolux had sales of SEK 106 billion and 52,000 employees. For more information, go to www.electrolux.com/press and www.electrolux.com/news.