Electrolux AB
TypePublicly traded aktiebolag
Nasdaq StockholmELUX B
ISINSE0000103806 [1]
SE0000103814 [2]
IndustryElectronics
Founded1919; 103 years ago (1919)
HeadquartersStockholm, Sweden
Area served
Worldwide
Key people
Staffan Bohman (Chairman)
Jonas Samuelson (President & CEO)
ProductsHome appliances
BrandsAEG, Electrolux, Electrolux Grand Cuisine, Electrolux Professional, Eureka, Frigidaire, Molteni, Westinghouse, Zanussi.
RevenueIncrease 118.981 billion kr (2019)[3]
Decrease 3.189 billion kr (2019)[3]
Decrease 3.452 billion kr (2019)[3]
Total assetsIncrease 106.808 billion kr (2019)[3]
Total equityIncrease 22.574 billion kr (2019)[3]
OwnerInvestor AB (16.4%; 28.4% votes)[3]
Number of employees
Decrease 48,652 (2019)[3]
Websitewww.electrolux.com
www.electroluxgroup.com

Electrolux AB (Swedish: [ɛˈlɛ̂kːtrʊˌlɵks, ɛlɛktrʊˈlɵks]) is a Swedish multinational home appliance manufacturer, headquartered in Stockholm.[4] It is consistently ranked the world's second largest appliance maker by units sold, after Whirlpool.[5]

Electrolux products sell under a variety of brand names (including its own), and are primarily major appliances and vacuum cleaners intended for home consumer use.[6] Electrolux has a primary listing on the Stockholm Stock Exchange and is a constituent of the OMX Stockholm 30 index.

History

The Autoluxlamp, a kerosene lamp manufactured by Lux and used in railway stations around the world in the early 20th century.
The Autoluxlamp, a kerosene lamp manufactured by Lux and used in railway stations around the world in the early 20th century.

The company originates from a merger of two companies—Lux AB and Svenska Elektron AB, the former an established manufacturer and the latter a younger company founded by a former vacuum salesman who had also been an employee of the former firm.[7] The origins of Electrolux are closely tied to the vacuum, but today it also makes major appliances.

Sales company to major manufacturer

In 1919, a Svenska Elektron AB acquisition,[7] Elektromekaniska AB, became Elektrolux[8] (the spelling was changed to Electrolux in 1957).[9] It initially sold Lux branded vacuum cleaners in several European countries.[8]

In 1923, the company acquired AB Arctic and subsequently added absorption refrigerators to its product line.[10][11] Other appliances soon followed, including washing machines in 1951,[12] dishwashers in 1959,[12] and food service equipment in 1962.[13]

Mergers and acquisitions

The company has often and regularly expanded through mergers and acquisitions.

While Electrolux had bought several companies before the 1960s, that decade saw the beginnings of a new wave of M&A activity. The company bought ElektroHelios, Norwegian Elektra, Danish Atlas, Finnish Slev, and Flymo, et al., in the nine years from 1960 to 1969.[13] This style of growth continued through the 1990s, seeing Electrolux purchase scores[14] of companies including, for a time, Husqvarna.[14][15]

Hans Werthen

Hans Werthen, President and later chairman of the board, led the strategic core of an increasingly decentralized Electrolux—and was instrumental to its rapid growth.

Restructuring

While attempts to cut costs, centralise administration, and wring out economies of scale from Electrolux's operations were made in the 1960s and 1970s[13][14] with the focus so firmly on growth,[14] further company-wide restructuring efforts only began in the late 1990s.[16]

A public company

Vacuum cleaner designed by Lurelle Guild ca. 1937 Brooklyn Museum
Vacuum cleaner designed by Lurelle Guild ca. 1937 Brooklyn Museum

Electrolux made an initial public offering on the London Stock Exchange in 1928 (it was delisted in 2010)[17] and another on the Stockholm Stock Exchange in 1930.[11][18]

Currently, its shares trade on the NASDAQ OMX Nordic Market and over-the-counter.[19] Electrolux is an OMX Nordic 40 constituent stock.

2000 to present

In North America, the Electrolux name was long used by vacuum cleaner manufacturer Aerus LLC, originally established to sell Swedish Electrolux products. In 2000, Aerus transferred trademark rights back to the Electrolux Group, and ceased using the Electrolux name in 2004.[20]


Conversely, Electrolux-made vacuums carried the Eureka brand name, which Electrolux continued to use while also selling Electrolux branded vacuums after 2000. Electrolux USA customer service maintains a database of Electrolux made vacuums and provides a link to Aerus's website for the convenience of owners of Electrolux branded Aerus vacuums.[21]

Keith McLoughlin took over as president and CEO on January 1, 2011, and became the company's first non Swedish chief executive.

In August 2011, Electrolux acquired from Sigdo Koppers the Chilean appliance manufacturer CTI obtaining several brands with the purchase including: Fensa, Gafa, Mademsa and Somela.[22]

On February 6, 2017, Electrolux announced that it had agreed to acquire Anova Applied Electronics, Inc.,[23] the U.S.-based provider of the Anova Precision Cooker.[24][25]

On March 23, 2020, Electrolux completed the spin-off of its professional division, which the separated company incorporated as Electrolux Professional AB.[26]

Notable products

Electrolux Assistent, 1940.
Electrolux Assistent, 1940.

Brands

An Electrolux canister vacuum cleaner
An Electrolux canister vacuum cleaner

Electrolux sells under a wide variety of brand names worldwide. Most of them were acquired through mergers and acquisitions and only do business in a single country or geographic area. The following is an incomplete list.

Americas

Europe

Oceania

Middle East

Global/other

Note: This list does not include brands such as Kenmore, IKEA and John Lewis, which may sell Electrolux produced appliances but are not owned by or affiliated with Electrolux, as Electrolux acts as an OEM for these brands.

Slogan

The company's current international slogan is "Shape living for the Better". In the past it used to be "Thinking of you".[59] In the 1960s the company successfully marketed vacuums in the United Kingdom with the slogan "Nothing sucks like an Electrolux".[60]

In the United States, it was frequently assumed that using this slogan was a brand blunder. In fact, the informal American meaning of the word sucks was already well known at the time in the United Kingdom, and the company hoped the slogan, with its possible double entendre, would gain attention.[61] In Indonesia, the Electrolux previous slogans was "Kalau saja semua seawet Electrolux" (English: If Only All Durable as Electrolux).

See also

References

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