Business
Electrolux Group accelerates profitable growth strategy through a partnership with Midea, global organization and footprint optimization, and a fully underwritten rights issue of approx. SEK 9 billion
In addition to the separately announced long-term strategic partnership with Midea Group in North America, AB Electrolux ("Electrolux Group" or the "Group") today announces a plan to improve efficiency across its organization including a focused optimization of the Group's global manufacturing footprint to further increase agility across the organization. Furthermore, the Board of Directors of AB Electrolux has resolved, subject to approval by an Extraordinary General Meeting (the "EGM"), on a f
About this update from Midea Group Co. Ltd. Class A
[{"type":"text","content":"NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN, AUSTRALIA OR ANY OTHER JURISDICTION WHERE SUCH ACTION WOULD BE UNLAWFUL","length":196,"tagName":"p"},{"type":"text","content":"STOCKHOLM, April 24, 2026 /PRNewswire/ -- In addition to the separately announced long-term strategic partnership with Midea Group in North America, AB Electrolux ("Electrolux Group" or the "Group") today announces a plan to improve efficiency across its organization including a focused optimization of the Group's global manufacturing footprint to further increase agility across the organization. Furthermore, the Board of Directors of AB Electrolux has resolved, subject to approval by an Extraordinary General Meeting (the "EGM"), on a fully underwritten rights issue of approximately SEK 9 billion (the "Rights Issue"). The Rights Issue, supported by AB Electrolux largest shareholder, Investor AB, is intended to finance and accelerate Electrolux Group's profitable growth initiatives and expedite the achievement of its financial targets, as well as strengthen the Group's balance sheet. The Group is also providing financial information for the first quarter of 2026 and comments on its business and market outlook. Electrolux Group will host a webcast and telephone conference today at 18:30 CEST.","length":1164,"tagName":"p"},{"type":"text","content":"The actions announced today support Electrolux Group's strategy by aiming to accelerate long-term profitable growth and progress towards its financial targets. The SEK 9 billion in gross proceeds from the Rights Issue are expected to finance Electrolux Group's profitable growth initiatives and strengthen the Group's balance sheet. The Group intends to allocate the proceeds as follows:","length":399,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"SEK 1.0-1.5 billion of the gross proceeds to support the long-term, highly complementary strategic partnership with Midea Group in Food Preservation (refrigeration) manufacturing and sales, and Fabric Care (laundry) manufacturing in North America. The partnership is designed to support long-term profitable growth and innovation, strengthen the Group's product offering in Food Preservation and Fabric Car...