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Electrolux increases US presence with GE Appliance buyout

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Electrolux increases US presence with GE Appliance buyout

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Electrolux has announced it is to buy General Electric’s home appliances business for $3.3bn in cash.

The Swedish company wants to get a stronger foothold in the expanding US market, which is growing faster than in Europe.

Electrolux is already the world’s second-largest home appliance maker after Whirlpool, however Electrolux holds the top spot in Europe.

By buying General Electric’s Appliances business Electrolux expects to more than double sales in the United States to around $9 bn per year.