Electrolux Sells Washex/Challenge to Lavatec.Business Editors STOCKHOLM, Sweden--(BUSINESS WIRE)--Sept 14, 2000 The Electrolux Group is selling Washex/Challenge, a heavy-duty laundry business, to Lavatec AG, a leading German producer of laundry equipment. The sale is expected to become effective on September 30, 2000. Washex/Challenge is a part of the business sector Electrolux Professional Indoor products. The company develops, manufactures and markets technologically advanced heavy-duty laundry equipment for the industrial and institutional markets. In 1999, sales were USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 36 million, and the company has 160 employees. The head office is located in Wichita Falls, Texas Wichita Falls is a city in Wichita County, Texas, United States. As of the 2000 census, the city had a total population of 104,197. It is the principal city of the Wichita Falls Metropolitan Statistical Area, which encompasses all of Archer, Clay and Wichita counties. . The divestment divestment to strip one's investment from an entity. includes only the heavy-duty laundry business and will have no effect on Electrolux Wascator, a world leader in professional laundry equipment. Says Detlef Munchow, President of Electrolux Professional Indoor products: "The divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of the Washex/Challenge heavy-duty laundry business is part of our strategy to concentrate on our core business." Lavatec AG, based in Heilbronn, Germany, is a leading manufacturer of heavy-duty laundry equipment for the industrial garments market. Electrolux is the world's largest producer of powered appliances for kitchen, cleaning and outdoor use, such as refrigerators, washing machines, cookers, vacuum cleaners, chain saws, lawn mowers, and garden tractors. In 1999, Group sales Group sales Block sale (of large amounts) of securities to institutional investors. group sales The distribution of a new security issue to institutional clients. were SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 120 billion and the Group had 93,000 employees. Every year, customers in more than 150 countries buy more than 55 million Electrolux Group products for both consumer and professional use. The Electrolux Group includes famous appliance brands such as AEG AEG Aeger (Latin: Sick) AEG Allgemeine Elektrizitäts-Gesellschaft (Common Electricity Company) AEG Aircraft Evaluation Group AEG Association of Engineering Geologists AEG Air Expeditionary Group , Zanussi, Frigidaire, Eureka, and Husqvarna. For cancellation of or changes to this fax distribution service, please return this document, with your name, company, and fax number, stating what you want to change, to fax no +46 8 738 74 61. ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2000/09/14/20000914BIT00830/bit0001.doc http://www.bit.se/bitonline/2000/09/14/20000914BIT00830/bit0002.pdf |
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