Electrolux purchase GE's appliances Division for $ 3.3 billion

SÃO PAULO-Electrolux will shell out $ 3.3 billion for the appliance Division of the General Electric (GE), boosting its position in the industry. The acquisition still involves a 48.4 percent stake in the Mexican company Mabe. The deal is subject to regulatory approvals and should be completed over the course of 2015, the company said in a statement.
"This is a historic moment and an important strategic move for the Electrolux group, which leads the company to a new level in terms of global reach and market coverage," said President and Chief Executive of Electrolux, Keith McLoughlin. "The acquisition [of GE's appliances Division], which is the largest in our history, strengthens our agreement with the appliance business and also provides the Electrolux range and the opportunity to accelerate our investments in innovation and global growth," he amended.
GE Appliances is headquartered in Louisville, Kentucky (USA), and generates more than 90 percent of its revenue in North America. In the company's portfolio are refrigerators, stoves, dryers, dish washers, air conditioners, among others.
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