Electrolux and Laundrylux Announce Spin-off of Electrolux Professional as a Public Company
Electrolux Professional, the professional laundry and professional kitchen equipment division of Electrolux, the global consumer appliances leader, has initiated the process to become a stand-alone public company in 2020.
“Electrolux Professional is the only supplier in the professional appliances space with a full and integrated offer of solutions under one brand. As such, it has significant potential for long-term value creation as an agile stand-alone company, which can pursue growth through market consolidation and innovation,” said Staffan Bohman, Chairman of the Board of Directors of AB Electrolux.
Neal Milch, Executive Chairman of Laundrylux, states “Consistent with our announced strategy to catalyze consolidation of the professional laundry industry in North America and worldwide, Electrolux Professional as a public company will have a traded stock to fund acquisitions. The public listing of Professional in 2020 is consistent with Laundrylux’s liquidity pathway and our strategic cooperation.”
John Sabino, CEO of Laundrylux, observes “Electrolux Professional is a world leader in two distinct platforms, commercial laundry and kitchen equipment, with world-class manufacturing, R&D, distribution, and brands. Combined with Laundrylux’s North American market strength, Laundrylux Financial Services, and our own R&D capabilities, the stage is set for accelerating global growth. We anticipate additional commercial product platforms at a global scale joining the Professional team in the future.”
Laundrylux is the sole distributor of Electrolux Professional products in North America.