United Technologies Corp. Announces Purchase of Electrolux Group's Commercial Refrigeration Business
HARTFORD, Conn., Nov. 19 /PRNewswire/ -- United Technologies Corp. (NYSE: UTX) and its Carrier Corp. subsidiary today announced a definitive agreement with Electrolux Group (Nasdaq: ELUX) to acquire Electrolux Commercial Refrigeration for approximately $145 million in cash. Electrolux Commercial Refrigeration is a global supplier of refrigeration equipment for commercial customers within the supermarket, convenience store, food, and beverage markets. The business operates 10 manufacturing sites in eight countries. Electrolux Commercial Refrigeration has approximately 2,300 employees and had 1998 sales of more than $300 million. Carrier intends to integrate the business into its Carrier Refrigeration Operations unit. Subject to government approvals in the U.S. and several other countries, the deal is expected to close by the end of the year. "This acquisition will provide Carrier with a broader range of commercial refrigeration display case designs and technologies," said Carrier President John Lord. "It will enable Carrier to serve our worldwide customers more efficiently, particularly those in Europe." The Electrolux Group is the world's largest producer of powered appliances for indoor and outdoor use, such as refrigerators, washing machines, cookers, vacuum cleaners, chain saws, lawn mowers, and garden tractors. Carrier Corp., a subsidiary of United Technologies Corp., is the world's largest manufacturer of air conditioning, heating, and refrigeration systems and equipment. Carrier is headquartered in Farmington, Conn., U.S, and has 38,000 employees in 171 countries. Revenues in 1998 were $6.9 billion. United Technologies Corp., based in Hartford, Conn., provides a broad range of high technology products and support services to the building systems and aerospace industries.RELATED LINKS
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