Electrolux Acquires Cabinet Maker for Growth in Asia

By Dominic Chopping

STOCKHOLM--Swedish household-appliance maker Electrolux AB (ELUX-B.SK) said Tuesday it has agreed to acquire Vintec, an Australia- and Singapore-based company which supplies climate-controlled wine cabinets in the Asia Pacific region, for undisclosed terms.

Vintec sells products under the brand names Vintec and Transtherm for residential and professional customers. It has annual revenue of over A$22 million ($16 million), with around two thirds of sales coming from Australia, Electrolux said.

"We see a strong growth potential for these products in Asia, as wine consumption is increasing and penetration of wine cabinets is still at a low level," said Kenneth Ng, head of Electrolux Major Appliances Asia Pacific.

The transaction is expected to close in the third quarter of 2016.

Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @domchopping @WSJNordics

(END) Dow Jones Newswires

June 28, 2016 03:27 ET (07:27 GMT)

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