Electrolux to obtain $70 million charge for US overhaul

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Swedish appliance maker Electrolux stated that its North American business will obtain $70 million in Q4 as part of moving into a new facility in South Carolina.

The new facility in Anderson, South Carolina is set to replace manufacturing in St. Cloud, Minnesota and other facilities in Anderson, driving Electrolux to invest $350 million in new product platforms.

The company expects low operating income due to the previous quarters’ accounting adjustments, as well as reduction in inventory by a U.S. customer.

Electrolux’s new program of investment and streamlining measures is created to generate 3.5 billion crowns ($369.59 million) of annual cost savings, with full effect from 2024.

Anderson’s capacity issues are set to be resolved gradually in the first half of 2020, the Swedish company said.

The information and recommendations contained in this analytical document are published strictly for information purposes and are not considered as an offer to buy or sell the trading tools mentioned above and are not intended to motivate to perform certain transactions
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