Nothing but negotiation

The Gap Partnership

Electrolux and CTI in business negotiations

Electrolux is looking to acquire all 100 per cent of shares in CTI.

22 August 2011

Electrolux may have needed the use of merger and acquisition consultants after it completed the purchase of CTI.

Under the terms of the deal, the former will buy 64 per cent of shares from Sigdo Koppers and make an all-cash offer to CTI for the remaining stock.

Ruy Hirschheimer, president of Electrolux Major Appliances Latin America, noted the company has "very strong roots" in the area, so the purchase of the Chilean appliance firm will only add to this.

"We are committed to the strong brands of CTI, which are aimed at segments of the market that are complementary to those of Electrolux," he added.

Keith McLoughlin, president and chief executive officer of Electrolux, stated the agreement brings opportunities for growth that neither company could hope to have independently.

Electrolux - which was established 90 years ago - currently retails in over 150 markets, with 12 monthly sales totalling over 40 million products.

Posted by Ron Maverick

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