AB Electrolux, a global manufacturer of household and commercial appliances, is preparing for the separation of its Professional Products business area from the company. The net result is expected to be two publicly traded companies: Electrolux for household appliances and Electrolux Professional for products such as commercial foodservice equipment.
The intention is to list Electrolux Professional on Nasdaq Stockholm during the first half of 2020. The Electrolux board of directors expects to provide an update on the preparations and a more detailed time plan around mid-year 2019.
“This is a good move for both the Group and for Professional, because we will both have the possibility to 100 percent focus on our customers — who are different — and our industry dynamics, which are also different,” said Alberto Zanata, head of Electrolux Professional Products. “We welcome the proposal, as it means we will have an even better position to make our customers’ work-life easier, more profitable, and truly sustainable every day. Will this impact our everyday work-life? We see no major changes influencing the short-term but step-by-step we envision becoming the one business partner in food, beverage and laundry even faster.”
The Electrolux board of directors intends to present a proposal for the distribution and listing of Electrolux Professional at a shareholders meeting, per a release. If the shareholders decide in favor of such a proposal, AB Electrolux shareholders will receive shares in Electrolux Professional in proportion to their shareholding in AB Electrolux.
Electrolux Professional provides foodservice, beverage and laundry solutions to restaurants, hotels, healthcare and other facilities. The Electrolux Group’s core consumer business offers household appliances under a range of well-established brands.