Electrolux To Divest Memphis Factory In Mln Cash Deal
(RTTNews) - Swedish home appliance major Electrolux AB (ELUXY.PK) Thursday said it has agreed to divest its manufacturing facility in Memphis, Tenn...
(RTTNews) - Swedish home appliance major Electrolux AB (ELUXY.PK) Thursday said it has agreed to divest its manufacturing facility in Memphis, Tennessee, USA to a US-based investment company for $61 million or around 675 million Swedish kronor in cash. The sale follows a previous agreement with another buyer that was not completed. The latest agreement includes a due diligence period before closing of the deal, during which the buyer can terminate the contract. The company noted that it expects of $50 million or around 550 million kronor from the divestment, which will be recorded as a non-recurring item, positively impacting the operating income in business area North America, in connection with deal closure.