Electrolux: +7% in the second quarter

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Keith McLoughlin, president and ceo of  Electrolux
Keith McLoughlin, president and ceo of Electrolux

The second quarter 2015 reported good results for Electrolux business, especially for Major Appliances EMEA. But also for the other areas, that gave together a big contribution to the group’s growth. «During the second quarter 2015 – said Keith McLoughlin, president and ceo of the company – Electrolux achieved an organic growth of 7%, to which all six business areas contributed positively. The financial performance in the Group’s largest business area, Major Appliances EMEA, continued to strengthen year-over-year. Operating income in North America improved significantly compared to the first quarter of the year. Earnings in Major Appliances Asia/Pacific and Professional Products also increased. The Group’s operating income amounted to 921 million Sek for the second quarter 2015, with a seasonally strong cash generation of 3.1 billion Sek.» Market demand in Western Europe continued to strengthen in the second quarter and increased by 4%. In Eastern Europe, demand fell by 23%, as a result of the sharp downturn in Russia and Ukraine. The total European market for appliances is expected to grow by 1–2% in 2015, although the development in Eastern Europe is difficult to assess. For what concerns the GE appliances acquisition McLoughlin specified: «In early July, the U.S. Department of Justice announced that it will seek to stop Electrolux proposed acquisition of GE Appliances, which was announced in September last year. Electrolux does not agree with the DOJ’s assessment that the acquisition will harm competition and will vigorously contest this effort by the DOJ to oppose the transaction. The review of the proposed acquisition will now continue in a court procedure.»

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