United Technologies Corp. Announces Purchase of Electrolux Group's Commercial Refrigeration Business

Nov 19, 1999, 00:00 ET from United Technologies Corp.

    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.

SOURCE United Technologies Corp.