Electrolux to acquire Best from Broan-NuTone
In a move that aims to strengthen its position in Europe (and in the kitchen hood market), Electrolux Group has agreed to acquire the Best Kitchen Ventilation EMEA Business from Broan-NuTone.
The acquisition will help Electrolux to flesh out its offering of built-in cooking solutions and will support its growth in the region.
"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," said Dan Arler, Head of Electrolux business area Major Appliances Europe, Middle East and Africa.
According to the terms of the deal, Electrolux will acquire the Best manufacturing facilities located in Cerreto d' Esi Italy and Zabrze, Poland as well as the rights to design and market the Best brand of kitchen ventilation products in EMEA.
However, Broan-NuTone will continue to design, manufacture and market Best products in North America.
"While we are sad to part ways with our Best EMEA employees and business, we know Electrolux will continue the great tradition and investment of the Best brand in their markets. The Best brand will continue to be an important part of our portfolio and we look forward to continuing to serve our customers and consumers in North America," says Frank Carroll, CEO Broan-NuTone.
The sale is expected to close during the third quarter of this year, pending all regulatory approvals.