Electrolux

Last updated
Electrolux AB
Company type Publicly traded aktiebolag
Nasdaq Stockholm:  ELUX B
ISIN
Industry Home appliances
Founded1919;105 years ago (1919)
Headquarters Stockholm, Sweden
Area served
Worldwide
Key people
Staffan Bohman (Chairman)
Jonas Samuelson (President & CEO)
Products Major appliances and small appliances
Brands AEG, Electrolux, Electrolux Grand Cuisine, Electrolux Professional, Eureka, Frigidaire, Molteni, Westinghouse, Zanussi.
RevenueIncrease2.svg 134.880 billion kr (2022) [3]
Decrease2.svg –215 million kr (2022) [3]
Decrease2.svg –1.320 billion kr (2022) [3]
Total assets Increase2.svg 127.102 billion kr (2022) [3]
Total equity Increase2.svg 16.449 billion kr (2022) [3]
Owner Investor AB (16.4%; 28.4% votes) [3]
Number of employees
51,000 (2022) [3]
Website www.electrolux.com
www.electroluxgroup.com
Logo and wordmark (1961-2015) Electrolux logo.svg
Logo and wordmark (1961–2015)

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]

Contents

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 Autoluxlampa.jpg
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.

Vacuum cleaner designed by Lurelle Guild c. 1937 Brooklyn Museum Lurelle Guild. Vacuum Cleaner, ca. 1937..jpg
Vacuum cleaner designed by Lurelle Guild c.1937 Brooklyn Museum

Electrolux made an initial public offering on the London Stock Exchange in 1928 (it was delisted in 2010) [8] and another on the Stockholm Stock Exchange in 1930. [9] [10]

As of 2010 its shares trade on the NASDAQ OMX Nordic Market and over-the-counter. [11] Electrolux is an OMX Nordic 40 constituent stock.

Sales company to major manufacturer

In 1919, a Svenska Elektron AB acquisition, [7] Elektromekaniska AB, became Elektrolux [12] (the spelling was changed to Electrolux in 1957). [13] It initially sold Lux branded vacuum cleaners in several European countries. [12]

In 1923, the company acquired AB Arctic and subsequently added absorption refrigerators to its product line. [14] [9] Other appliances soon followed, including washing machines in 1951, [15] dishwashers in 1959, [15] and food service equipment in 1962. [16]

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. [16] It sold its American subsidiary to Consolidated Foods and exited the American market in 1968, only returning in 1974 when Electrolux acquired Eureka-Williams from National Union, one of the oldest names in the vacuum cleaner industry. Electrolux sold its vacuum cleaners using the Eureka brand name in North America until 2004. [17]

This style of growth continued through the 1990s, seeing Electrolux purchase scores [18] of companies including, for a time, Husqvarna. [18] [19]

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

While attempts to cut costs, centralise administration, and wring out economies of scale from Electrolux's operations were made in the 1960s and 1970s [16] [18] with the focus so firmly on growth, [18] further company-wide restructuring efforts only began in the late 1990s. [20]

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. [21]

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. [22]

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. [23]

On February 6, 2017, Electrolux announced that it had agreed to acquire Anova Applied Electronics, Inc., [24] the U.S.-based provider of the Anova Precision Cooker. [25] [26]

On March 23, 2020, Electrolux completed the spin-off of its professional division, which the separated company incorporated as Electrolux Professional AB. [27]

In September 2023, it was announced Electrolux has sold its refrigerator manufacturing facility in Nyíregyháza to the Malmö-headquartered heat pump systems and technology company, Qvantum for €38 million. [28]

Notable products

Electrolux Assistent, 1940 Electrolux Assistent.jpg
Electrolux Assistent, 1940

Brands

An Electrolux canister vacuum cleaner Electrolux Vacuum Cleaner.jpg
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 international slogan is "Shape living for the better". In the past it was "Thinking of you". [60]

In the 1960s the company successfully marketed vacuums in the United Kingdom with the slogan "Nothing sucks like an Electrolux". [61] 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. [62]

In Indonesia, the Electrolux previous slogan was "Kalau saja semua seawet Electrolux" (English: If only all are as durable as Electrolux).[ citation needed ]

See also

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