© pichetw dreamstime.com Electronics Production | December 05, 2016
Electrolux to divest Eureka brand - focus on stronger small appliances categories
The Electrolux Group has made a decision to focus its North American Small Appliances business on its strongest categories – and with that decided to divest its North American vacuum cleaner brand Eureka to Midea Group Co., Ltd.
“This move allows us to focus on our most profitable categories in the U.S.,” said Ola Nilsson, Head of Electrolux Small Appliances. “It also allows us to invest in innovation and strategic growth. The U.S. vacuum cleaner market remains important for Electrolux.” The agreement includes most of the assets related to the Eureka brand. Sales of products under the Eureka brand amounted to approximately USD 60 million over the past 12 months. The transaction is not expected to result in any material net one-off effects on the Group income statement. The transaction is expected to close before year end.