Electrolux announced the impending sale of the Zanussi brand – Kommersant

The Swedish manufacturer of household appliances Electrolux published reporting for the second quarter, reporting an unexpected loss, and warned that he plans in the coming years sell the Zanussi brand, as well as a number of other non-key assets.

Electrolux posted a net loss of SEK 648 million (€56 million) in the second quarter, compared to a profit of €22 million a year earlier in the same period, and analysts had expected a net profit of €30 million this time. Sales in the second quarter fell 8.4% to €2.8 billion. In a statement, the company warned that it had begun preparations for the separation of a number of non-key assets, including the Zanussi brand. Electrolux estimates that the potential value of these assets is around €870 million.

The Zanussi brand was acquired by a Swedish manufacturer in 1984. The company explains that the sale is part of a strategy change process and notes that the weak performance at this stage reflects low market demand and low consumer purchasing power.

Electrolux shares, which have been falling steadily in price over the past few years, react to the publication of financial statements with a drop of 15.4%.

Alena Miklashevskaya