Electrolux has completed the Memphis factory divestment
Electrolux Group says it has officially divested its factory in Memphis, Tennessee, USA, for a cash consideration of USD 35 million.
The gain of approximately USD 25 million from the divestment will be recorded as a non-recurring item, positively impacting the operating income in business area North America during the fourth quarter of 2023.
The divestment follows a previous agreement, under which the intended buyer chose to terminate the agreement at the end of the due diligence period due to changed financial circumstances.
The divestment is part of the actions to divest non-core assets. Electrolux stopped production at the Memphis factory in June 2022, and the operations have been transferred to the new facility in Springfield, Tennessee.