Electrolux to acquire European operations of U.S. outdoor products manufacturer McCulloch
Electrolux to acquire European operations of U.S. outdoor products manufacturer McCulloch Electrolux, the Swedish household appliance group, has signed an agreement to acquire the European operations of the U.S. outdoor products manufacturer McCulloch, North America Inc. The acquisition will be made by Electrolux's outdoor products subsidiary Husqvarna. The purchase price is USD 33 million. The acquisition will include McCulloch companies in Austria, Hungary, Italy, the Netherlands, and the U.K. as well as various intellectual property rights, such as the McCulloch trademark outside North America. Filings are being made with competition authorities in relevant countries. McCulloch's sales in Europe were USD 81 million in 1998. The European operation employs 250 people. Manufacturing and administrative functions are in Valmadrera, Italy. The company produces chain saws for the hobby segment, as well as lawn trimmers, hedge trimmers, and leaf blowers. @McCulloch fits our present business very well. Their consumer-oriented products complement Husqvarna's professional products, in which we have a strong market position,@ says Bengt Andersson, President of Husqvarna and head of Electrolux Business Sector Outdoor Products. Electrolux is the world's largest producer of outdoor power products, such as chain saws, lawn mowers, and garden tractors. Husqvarna's global sales comprise a complete range of outdoor products focused on the high end of the market, such as chain saws for professional use. The Electrolux Group is the world's leading manufacturer of household appliances for indoor and outdoor use and corresponding products for professional use. Sales in 1998 were SEK 117,5 billion. The Group employs about 100,000 people, and has sales in more than 100 countries. Further information For further information, please call Bengt Andersson, +46-36-14 61 01. Electrolux Press Hotline is available at +46-8-657 65 07. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/02/25/19990225BIT00430/bit0001.doc http://www.bit.se/bitonline/1999/02/25/19990225BIT00430/bit0002.pdf