Electrolux looks to US to boost professional products sales
CEO Jonas Samuelson is upbeat on opportunities to accelerate growth
Pordenone, Italy — Electrolux expects to accelerate annual sales growth at its professional products unit above 7% after carving it out in 2020, its executives say, citing opportunities to pick up US targets and add fast-food chains as customers. The company in February announced plans to spin off its most profitable business to investors, allowing it to access capital to chase high-value acquisitions in its sector, which so far it had not been able to do given the higher multiples in its niche sector versus the parent consumer unit. CEO Jonas Samuelson said professional products had recorded a compound annual growth rate of 7% since 2013 thanks in part to organic growth, which he expected to continue to outpace the wider market. “That’s an indication of the potential that the professional business already has and I think there are significant opportunities to accelerate growth, mainly on the inorganic side,” he said at the company's capital markets day on Wednesday. Alberto Zanata,...
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