Positive USD 70.5m non-recurring item related to U.S. tariff case
Electrolux will report a positive non-recurring item of USD 70.5m (SEK 656m) in the first quarter 2022 report related to the case of tariffs on washing machines imported to the U.S.
Electrolux has reached a settlement related to the case of tariffs on washing machines imported into the U.S. from Mexico in 2016/2017. The settlement payment of USD 70.5m (SEK 656m) from prior counsel will be reported as a non-recurring item, positively impacting the first quarter operating income in business area North America. The positive cash flow impact is expected to occur during the second quarter of 2022.
The settlement relates to a 2018 decision by the Department of Commerce (DOC) to set a tariff rate of 72.41% on Electrolux washing machines imported into the U.S. from Mexico between February 2016 and January 2017. Upon appeal, a panel later upheld the DOC decision, resulting in a charge to earnings in the fourth quarter 2021 of USD 85m (SEK 727m), communicated on January 26, 2022.
The interim report for the first quarter 2022 will be published on April 29, 2022 at 08.00 CET.
This disclosure contains information that Electrolux is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 07-04-2022 08:45 CET.
For further information, please contact:
Paul Palmstedt, Corporate Communications, +46 70 593 92 83
Sophie Arnius, Investor Relations, +46 70 590 80 72
Electrolux is a leading global appliance company that has shaped living for the better for more than 100 years. We reinvent taste, care and wellbeing experiences for millions of people, always striving to be at the forefront of sustainability in society through our solutions and operations. Under our brands, including Electrolux, AEG and Frigidaire, we sell approximately 60 million household products in approximately 120 markets every year. In 2021 Electrolux had sales of SEK 126 billion and employed 52,000 people around the world. For more information go to www.electroluxgroup.com