Electrolux announces partnership with Midea, global optimization

In addition to a long-term strategic partnership with Midea Group in North America, AB Electrolux (ELUXY) 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, on a fully underwritten rights issue of approximately SEK 9B. 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.