To support long-term growth.
Electrolux has agreed to acquire European manufacturer of kitchen hoods, Best. The acquisition enables Electrolux to develop a fully comprehensive offering of built-in cooking solutions and will further support long-term profitable growth.
The company is part of North American manufacturer and distributor of residential ventilation products, Broan-NuTone, which will continue to design, manufacture and market the Best brand in North America.
Electrolux head of major appliances for Europe, Middle East and Africa, Dan Arler said, “The acquisition of Best is a perfect strategic match to reinforce Electrolux capabilities for design, R&D and manufacturing of kitchen hoods, which is a key aspect in offering consumers a simply outstanding cooking experience.”
In 2016, Best had net sales of 42 million Euro and employees 450 staff, primarily at manufacturing sites in central Italy and southern Poland.
The acquisition is subject to regulatory approvals and is expected to be completed during the third quarter of 2017.
Appliance Retailer understands that this acquisition is unlikely to have any implications for rangehoods in the Electrolux Australia and New Zealand business.