Electrolux Group seeks alternative buyer to Memphis factory following terminated contract

STOCKHOLM, April 11, 2023 /PRNewswire/ -- The divestment of the Electrolux Group manufacturing facility in Memphis, Tennessee, USA, will not be completed as expected since the intended buyer has failed to proceed to closing. Electrolux Group will now seek an alternative buyer.

As earlier communicated, completion of the divestment of the facility was contingent on various factors. The intended buyer has defaulted on its obligations and the agreement is therefore terminated.

In the now terminated contract, communicated on October 12 and December 19, 2022, Electrolux Group had agreed to divest the Memphis facility for a cash consideration of USD 82.5m (approx. SEK 930m). Production in Memphis stopped on June 30, 2022, and the operations have been transferred to the new facility in Springfield, Tennessee.

This is information that AB Electrolux is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 11-04-2023 08:15 CET.

For further information, please contact:
Sophie Arnius, Investor Relations, +46 70 590 80 72
Electrolux Group Press Hotline, +46 8 657 65 07

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