Electrolux

Last updated
Electrolux AB
Type Publicly traded Aktiebolag
Nasdaq Stockholm:  ELUX B
Industry Home appliance
Founded1919;102 years ago (1919)
Headquarters Stockholm, Sweden
Area served
Worldwide
Key people
Ronnie Leten (Chairman)
Jonas Samuelson (President & CEO)
Products Major appliances, Small appliances
RevenueIncrease2.svg 118.981 billion kr (2019) [1]
Decrease2.svg 3.189 billion kr (2019) [1]
Decrease2.svg 3.452 billion kr (2019) [1]
Total assets Increase2.svg 106.808 billion kr (2019) [1]
Total equity Increase2.svg 22.574 billion kr (2019) [1]
Owner Investor AB (16.4%; 28.4% votes) [1]
Number of employees
Decrease2.svg 48,652 (2019) [1]
Website electrolux.com
electroluxgroup.com

Electrolux AB (commonly known as Electrolux, Swedish:  [ɛˈlɛ̂kːtrʊˌlɵks,] ) is a Swedish multinational home appliance manufacturer, headquartered in Stockholm. [2] It is consistently ranked the world's second largest appliance maker by units sold after Whirlpool. [3]

Contents

Electrolux products sell under a variety of brand names (including its own), and are primarily major appliances and vacuum cleaners intended for consumer use. [4] The company also makes appliances for professional use. [5] 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. [6] 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, [6] Elektromekaniska AB, became Elektrolux [7] (the spelling was changed to Electrolux in 1957). [8] It initially sold Lux branded vacuum cleaners in several European countries. [7]

In 1923, the company acquired AB Arctic and subsequently added absorption refrigerators to its product line. [9] [10] Other appliances soon followed, including washing machines in 1951, [11] dishwashers in 1959, [11] and food service equipment in 1962. [12]

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. [12] This style of growth continued through the 1990s, seeing Electrolux purchase scores [13] of companies including, for a time, Husqvarna. [13] [14]

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 [12] [13] with the focus so firmly on growth, [13] further company-wide restructuring efforts only began in the late 1990s. [15]

A public company

Vacuum cleaner designed by Lurelle Guild ca. 1937 Brooklyn Museum Lurelle Guild. Vacuum Cleaner, ca. 1937..jpg
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) [16] and another on the Stockholm Stock Exchange in 1930. [10] [17]

Currently, its shares trade on the NASDAQ OMX Nordic Market and over-the-counter. [18] 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. [19]

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. [20]

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. [21]

On February 6, 2017, Electrolux announced that it had agreed to acquire Anova Applied Electronics, Inc. (company), [22] the U.S.-based provider of the Anova Precision Cooker. [23] [24]

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 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". [56] In the 1960s the company successfully marketed vacuums in the United Kingdom with the slogan "Nothing sucks like an Electrolux". [57]

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. [58] In Indonesia, the Electrolux previous slogans as "Kalau saja semua seawet Electrolux" (English: If Only All Durable as Electrolux).

See also

Related Research Articles

The Hoover Company

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Frigidaire Appliance Company is the US consumer and commercial home appliances brand subsidiary of European parent company Electrolux.

White-Westinghouse is an American home appliance brand currently used under license by trademark owner Westinghouse Electric Corporation. It was created in 1975 when White Consolidated Industries bought the Westinghouse Electric Corporation's major appliance business. White Consolidated Industries was in turn acquired by Electrolux in 1986.

Kelvinator was a United States home appliance manufacturer and a line of domestic refrigerators that was the namesake of the company. Although as a company it is now defunct, the name still exists as a brand name owned by Electrolux AB. It takes its name from William Thomson, 1st Baron Kelvin, who developed the concept of absolute zero and for whom the Kelvin temperature scale is named. The name was thought appropriate for a company that manufactured ice-boxes and refrigerators.

Nash-Kelvinator Corporation was the result of a merger in 1937 between Nash Motors and Kelvinator Appliance Company. The union of these two companies was brought about as a result of a condition made by George W. Mason prior to his appointment as CEO of Nash. Nash-Kelvinator ranked 27th among United States corporations in the value of World War II production contracts.

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Arçelik A.Ş. is a Turkish multinational household appliances manufacturer.

Aerus

Aerus LLC, formerly Electrolux Corp. USA, manufactures air and surface purifiers, water filtration and treatment systems, and vacuum cleaners. It is headquartered in Dallas, Texas and has over 500 independently owned franchises in the U.S. and Canada. Aerus is the successor to Electrolux USA, the iconic manufacturer of vacuum cleaners. However, the Electrolux name is now used in the U.S. by the Electrolux Group of Sweden, which until 2016 also manufactured Eureka vacuum cleaners.

GE Appliances Brand of appliance, now owned by Haier And KKR (10%

GE Appliances is an American home appliance manufacturer based in Louisville, Kentucky. It has been majority owned by Chinese multinational home appliances company Haier since 2016. It is one of the largest appliance companies in the United States and manufactures appliances under several brands, including GE, GE Profile, Café, Monogram, Haier and Hotpoint. The company also owns FirstBuild, a co-creation community and micro-factory on the University of Louisville's campus in Louisville, Kentucky. Another FirstBuild location is in South Korea, and a FirstBuild location in India opened its doors in 2019.

The Husqvarna Group is a Swedish manufacturer of outdoor power products including chainsaws, trimmers, brushcutters, cultivators, garden tractors, and mowers. Headquartered in Stockholm, Sweden, the group also produces consumer watering products, cutting equipment and diamond tools for the construction and stone industries.

Vorwerk (company)

Vorwerk is an international diversified corporate group headquartered in Wuppertal, Germany. The main business is the direct distribution of various products like household appliances, fitted kitchens and cosmetics. Vorwerk was founded in 1883.

Eureka is a brand of the Chinese company Midea Group that manufactures vacuums for all households. The company offers a full line of vacuum cleaners, including uprights, cordless, canisters, sticks and handhelds. Eureka also manufactures aftermarket vacuum accessories, such as bags, belts and filters.

Electrolux can refer to:

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Hans Straberg is the Chairman of Atlas Copco and SKF. He was the President & CEO of Electrolux AB from 2002 to 2010. Straberg is also a Bilderberg participant.

Kenmore (brand) Brand of household appliances sold by Sears

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