GE Selling Appliance To Electrolux

The logo of US conglomerate General Electric is pictured at the company's site in Belfort
Thomson Reuters




STOCKHOLM (Reuters) - Sweden's Electrolux said on Monday it would buy General Electric Co's appliances business for $3.3 billion in cash to double sales in North America and take on rival Whirlpool Corp in its biggest ever deal.

Electrolux said in August it was in talks to buy the unit to tap into a market where it has lacked scale and that is growing faster than Europe.

Reuters reported earlier this month a deal was near completion.

"GE's premium, high-quality appliances complement our own iconic brands and will enhance our presence in North America," Electrolux Chief Executive Keith McLoughlin said in a statement.

"The acquisition, which is our largest ever, strengthens our commitment to the appliance business and also provides Bảo hành máy giặt Electrolux with the scale and opportunity to accelerate our investments in innovation and global growth."