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Tags: EU | Sweden | Earns | Electrolux

Europe Helps Electrolux Return to Profit in Q2

Friday, 17 July 2015 09:44 AM

COPENHAGEN, Denmark (AP) — Swedish home appliance maker Electrolux returned to profit in the second quarter of the year on a combination of strong demand in western Europe and cost savings.

The Stockholm-based company posted a net profit of 608 million kronor ($71.3 million), against a loss of 92 million kronor a year ago.

Electrolux, which is ranked as the world's second-largest appliance maker after U.S rival Whirlpool, said sales soared 19.1 percent to 31.4 billion kronor ($3.7 billion).

Electrolux, which sells appliances under the Electrolux, AEG, Zanussi and Frigidaire brands, announced last year it was buying the appliance business of General Electric for $3.3 billion. However, the U.S. Justice Department opposes the acquisition, saying will harm competition.

CEO Keith McLaughlin on Friday vowed Electrolux "will vigorously contest this effort."

© Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Europe
Swedish home appliance maker Electrolux returned to profit in the second quarter of the year on a combination of strong demand in western Europe and cost savings.The Stockholm-based company posted a net profit of 608 million kronor ($71.3 million),...
EU,Sweden,Earns,Electrolux
129
2015-44-17
Friday, 17 July 2015 09:44 AM
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