UPDATE 1-Electrolux turns to emerging markets after GE bid collapse

miércoles 24 de febrero de 2016 09:08 GYT
 

* CEO eyes M&A in emerging markets, professional division

* Says valuations coming down in emerging markets

* Stands by outlook for market growth in Europe, U.S.

* Sees bigger boost from falling raw material prices (CEO comments, background)

By Niklas Pollard and Helena Soderpalm

STOCKHOLM, Feb 24 (Reuters) - Appliance maker Electrolux will focus on acquisitions in emerging markets and its lucrative professionals business after its failed bid for GE Appliances, the Swedish firm's new CEO said on Wednesday.

Facing opposition from U.S. authorities, GE pulled the plug on the $3.3 billion deal in December, ending Electrolux's plans to double its U.S. sales with the acquisition and leaving it casting about for growth elsewhere.

Jonas Samuelson, just weeks into the CEO job after his predecessor stepped down when the GE deal collapsed, said Electrolux would look to boost its presence in emerging markets with an eye to their long-term growth potential.

Electrolux's professionals business, which serves restaurants and laundries and has margins far above the company, average while accounting for just over 5 percent of sales, was also an area to bolster through acquisitions, he said.   Continuación...