January 31, 2019 / 6:37 PM / 6 months ago

Sweden's Electrolux prepares to list its Professional Products unit

STOCKHOLM, Jan 31 (Reuters) - Swedish home appliance maker Electrolux said on Thursday said it was preparing for the separation and listing of its Professional Products business, with revenue of around 6.3 billion crowns ($697 million) in the first nine months last year.

Electrolux plans to split into two listed companies - for household and professional appliances - and distribute its Professional Products unit to its shareholders in 2020.

“Electrolux Board of Directors believes that such a split has the potential to create substantial shareholder value over time, given that the two businesses have different end markets, customers and success drivers,” Electrolux said in a statement.

$1 = 9.0449 Swedish crowns Reporting by Olof Swahnberg; editing by David Evans

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