Electrolux: details spin-off of professional unit
(CercleFinance.com) - Electrolux shares are up on Friday, the day after the Swedish home appliance maker revealed the details of its plan to spin off its professional business to shareholders.
The group intends to list Electrolux Professional on Nasdaq Stockholm in the first quarter of 2020, it said. The distribution means that Electrolux shareholders will receive shares, according to their existing stakes.
An extraordinary general meeting will be held on 21 February to decide on the distribution of shares, Electrolux said.
Alberto Zanata, the current head of the professional products business unit, has been appointed CEO of Electrolux Professional.
The professional business - which makes food-service and laundry equipment - is considered to be the most profitable part of Electrolux. In 2018, it made an operating margin of 13.1%, well above the group's margin of 5.4% excluding non-recurrent items.
Electrolux shares are currently up 2.2% at 254.9 Swedish kronor.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The group intends to list Electrolux Professional on Nasdaq Stockholm in the first quarter of 2020, it said. The distribution means that Electrolux shareholders will receive shares, according to their existing stakes.
An extraordinary general meeting will be held on 21 February to decide on the distribution of shares, Electrolux said.
Alberto Zanata, the current head of the professional products business unit, has been appointed CEO of Electrolux Professional.
The professional business - which makes food-service and laundry equipment - is considered to be the most profitable part of Electrolux. In 2018, it made an operating margin of 13.1%, well above the group's margin of 5.4% excluding non-recurrent items.
Electrolux shares are currently up 2.2% at 254.9 Swedish kronor.
Copyright (c) 2019 CercleFinance.com. All rights reserved.