Electrolux Acquires Cabinet Maker for Growth in Asia
June 28 2016 - 3:42AM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Swedish household-appliance maker Electrolux AB
(ELUX-B.SK) said Tuesday it has agreed to acquire Vintec, an
Australia- and Singapore-based company which supplies
climate-controlled wine cabinets in the Asia Pacific region, for
undisclosed terms.
Vintec sells products under the brand names Vintec and
Transtherm for residential and professional customers. It has
annual revenue of over A$22 million ($16 million), with around two
thirds of sales coming from Australia, Electrolux said.
"We see a strong growth potential for these products in Asia, as
wine consumption is increasing and penetration of wine cabinets is
still at a low level," said Kenneth Ng, head of Electrolux Major
Appliances Asia Pacific.
The transaction is expected to close in the third quarter of
2016.
Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter:
@domchopping @WSJNordics
(END) Dow Jones Newswires
June 28, 2016 03:27 ET (07:27 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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