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In addition to a review of the most important events in the Group in 2008, the continued tough market situation and the Group's strategic ambitions, Hans Straberg, President and CEO of Electrolux, informs about the continuing launch of Electrolux (STO:ELUXA)(STO:ELUXB)(LSE:ELXB)in North America. In the first quarter of 2009, the launch will have a negative impact on operating income in the amount of about SEK 200 million due to continued investments in marketing. The following is an excerpt from CEO's speech at the AGM.
CEO's comments on the launch of Electrolux in North America
"The launch of premium products has begun well. Our products are present today in more than 4,000 retailers in all of North America, and our market share in the premium segment is about 5%.
We are trying now to take advantage of the weak market situation by taking an even greater market share, but not by using price to compete. We will continue to invest in marketing for the whole of 2009. In the first quarter of 2009, we expect the launch to have a negative impact on operating income in the amount of about SEK 200 million due to continued investments in marketing. When the market turns around, growth will be within the profitable premium segment, and at that point it will be important for us to be rightly positioned."
Electrolux is a global leader in household appliances and appliances for professional use, selling more than 40 million products to customers in more than 150 markets every year. The company focuses on innovations that are thoughtfully designed, based on extensive consumer insight, to meet the real needs of consumers and professionals. Electrolux products include refrigerators, dishwashers, washing machines, vacuum cleaners and cookers sold under esteemed brands such as Electrolux, AEG-Electrolux, Eureka and Frigidaire. In 2008, Electrolux had sales of SEK 105 billion and 55,000 employees.
Electrolux may be required to disclose the information provided herein pursuant to the Securities Market Act.
This information was brought to you by Cision http://www.cisionwire.com
SOURCE: Electrolux
Electrolux Media Hotline +46 8 657 65 07
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