Electrolux posts fourth-quarter loss
Swedish appliances manufacturer Electrolux has reported a loss for the fourth-quarter of last year, after an unsuccessful bid to buy General Electric's (GE's) appliances division.
Electrolux - which also manufactures appliances under other brands such as Frigidaire - issued its fourth-quarter results yesterday, confirming that it had made a loss of 202 million krona (£16.5m) between September and December.
The company was forced to pay a fee of $175m (£121.8m) after pulling out of a planned deal to buy GE Appliances, subsequently acquired by Chinese group Haier. The buyout was consistently opposed by US regulators, citing anti-trust concerns.
However, Electrolux reported that demand for its products rebounded in Western Europe during Q4, with the firm recording its strongest operating margin in the region since 2010.
Current Electrolux chief executive Keith McLoughlin is set to stand down from his post, with the head of the company's European major appliances division Jonas Samuelson confirmed as his successor.