Update on the impact of the coronavirus on Electrolux Professional
Electrolux Professional currently believes that there is a considerable risk that the outbreak of the coronavirus will have a material financial impact during the first half of 2020. As mentioned in the listing prospectus, the business activities in the second quarter 2020 will be significantly more impacted than the first quarter 2020. The development may have a material impact on Electrolux Professional’s manufacturing capacity and ability to serve customers. Additionally, the overall development related to the spread of the coronavirus is expected to lead to canceled or postponed orders and investments among customers, especially hotels and restaurants.
Given the rapid spread of the coronavirus, impacting markets where Electrolux Professional has a significant presence in terms of production and sales, the company believes the risks related to this have increased materially. These risks are related to supply chain disruptions, government countermeasures and changing customer behavior. Given the fluid situation, it is not at this point possible to predict the duration or scope of the health crisis, and therefore the full potential impact.
While Electrolux Professional since the beginning has taken extensive measures to ensure the health and safety of its employees, the spread of the coronavirus has not yet caused major disruptions to Electrolux Professional’s two production facilities in Italy. The situation is however developing rapidly, and the company has started to experience difficulties in receiving components to the facility in Vallenoncello, which is the company’s largest hub for production of food service products. Therefore, the company is now implementing additional measures to adapt manufacturing at the site to reduce production speed.
For more information about Electrolux Professional and the listing on Nasdaq Stockholm, please see the prospectus regarding the admission to trading on Nasdaq Stockholm which is available on Electrolux Professional’s (www.electroluxprofessional.com/corporate) website. A supplement to the prospectus will be prepared and published.
For further information, please contact:
Jacob Broberg, Senior Vice President Investor Relations and Communications +46 70 190 00 33
About Electrolux Professional
Electrolux Professional is one of the leading global providers of food service, beverage and laundry for professional users. Our innovative products and worldwide service network make our customers’ work-life easier, more profitable – and truly sustainable every day. Our solutions and products are manufactured in 12 plants in seven countries and sold in over 110 countries. In 2019, Electrolux Professional had global sales of SEK 9,3bn and approximately 3,600 employees. For more information, visit www.electroluxprofessional.com/corporate
Electrolux Professional AB (publ)
Reg no: 556003-0354
Postal and visiting address:
S:t Göransgatan 143,
SE-112 17 Stockholm
Telephone: +46 8 41056450