Overview
- Electrolux, which announced the plan Thursday, will raise SEK 9 billion to fund a production reorganization and a joint venture with China’s Midea.
- The restructuring will eliminate 3,000 jobs over two years, with about 1,500 this year tied to transferring part of North American production to the new company.
- At the Anderson, North Carolina site, the plant will stop making refrigerators to focus on laundry products, and the venture plans to hire 1,200 workers in 2027 and again in 2028.
- Earlier moves add to the impact, including a factory closure in Santiago, Chile cutting 400 roles and a production halt in Jászberény, Hungary cutting 600.
- Electrolux will allocate SEK 1–1.5 billion to the Midea venture, SEK 2–2.5 billion to reorganization and savings, and SEK 4–5 billion to strengthen its balance sheet, with Investor AB, Morgan Stanley, and SEB guaranteeing the share sale.