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Electrolux: to acquire Continental brand in Latin America.

(CercleFinance.com) - Sweden's Electrolux said on Monday that it has agreed to buy Brazil's Continental to expand its market coverage in Latin America.

The Brazilian court administering the bankruptcy of Mabe Brazil has accepted a 70 million Brazilian reals (19 million euros) bid to acquire the intellectual property assets of the estate, the home appliances maker said.

Electrolux will therefore take over the rights to Continental's fridges, cookers and washing machines.

"Continental will be a valuable asset to Electrolux, supporting the continued profitable growth in our region," said Ricardo Cons, head of Electrolux's major appliances in Latin America.

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