Electrolux AB (FRA:ELXC)

€ 8.732 -0.026 (-0.3%) Market Cap: 2.37 Bil Enterprise Value: 4.97 Bil PE Ratio: 0 PB Ratio: 2.88 GF Score: 69/100

Electrolux AB Update On Operations in North America Call Transcript

Dec 16, 2019 / 08:00AM GMT

Release Date Price: €17.57 (-11.12%)

Transcript

Jonas Samuelson;publ;President

AB Electrolux;CEO & Director

()- -

Good morning, and welcome to this short update on the North American operations. With me today, I have Sophie Arnius, Head of Investor Relations. I would also like to mention that this session is recorded and will be available on our website as an on-demand version. I will do a short summary and then open up for questions.

Yesterday, we provided an update on issues expected to impact the operating income for our business area, North America, in the fourth quarter. This is primarily about the consolidation of the U.S. refrigerator and freezer manufacturing and related transitions to new platforms. We're also impacted in the quarter by destocking at our key U.S. customer and accounting adjustments from prior years. These together will have a negative impact year-over-year on operating income of USD 70 million.

Let me walk you through what has happened. As you're all aware, we are currently investing approximately $250 million in our new facility in Anderson. This will replace

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