Acquired Electronics360

Home Appliances

GE Bails on Electrolux Appliance Transfer Agreement

08 December 2015

General Electric has terminated the agreement that would have transferred its appliance business to Sweden-based household appliance giant Electrolux.

Keith McLoughlin, president and CEO of Electrolux. (Source: Electrolux)Keith McLoughlin, president and CEO of Electrolux. (Source: Electrolux)

The proposed acquisition was announced more than a year ago but in July the U.S. Department of Justice sued Electrolux and GE in order to stop the proposed appliance transfer. Instead of fighting the judgement in court, GE decided to end the transaction after the DOJ rejected the settlement proposals that were offered by the two companies.

Keith McLoughlin, president and CEO of Electrolux, says in a statement that despite the termination of the agreement, the company can still grow and develop its position as a global appliances manufacturer. Electrolux says it will continue to grow its operations through organic growth and through acquisitions.

Under the transaction agreement, Electrolux is required to pay to GE a termination fee of $175 million under certain circumstances and GE has requested pay-out of this amount, Electrolux says.



Powered by CR4, the Engineering Community

Discussion – 0 comments

By posting a comment you confirm that you have read and accept our Posting Rules and Terms of Use.
Engineering Newsletter Signup
Get the Engineering360
Stay up to date on:
Features the top stories, latest news, charts, insights and more on the end-to-end electronics value chain.
Advertisement
Weekly Newsletter
Get news, research, and analysis
on the Electronics industry in your
inbox every week - for FREE
Sign up for our FREE eNewsletter
Advertisement

CALENDAR OF EVENTS

Date Event Location
30 Nov-01 Dec 2017 Helsinki, Finland
23-27 Apr 2018 Oklahoma City, Oklahoma
18-22 Jun 2018 Honolulu, Hawaii
Find Free Electronics Datasheets
Advertisement