Electrolux - EGM 21 February 2020
In general, Electrolux is in compliance with the Swedish regulations relating to the organisation and procedures of an Extraordinary General Meeting.
Under ITEM 6, the board of directors seeks approval to distribute all shares in the wholly-owned subsidiary Electrolux Professional to the Company's shareholders. ECGS endorses the view of the board of directors that the proposal to split the Company into two separate listed companies (Electrolux and Electrolux Professional) could enhance the prerequisites to succesfully develop the respective businesses. In addition, ECGS is generally supportive towards corporate spin-offs as they give shareholders the ability to choose whether they will continue to be exposed to the making of household appliances (Electrolux) and/or the making of professional appliances (Electrolux Professional), if not they can simply sell their shares. Based on the above, ECGS recommends to vote FOR the proposed distribution of shares.
AB Electrolux sells home appliance for households and businesses, with products such as refrigerators, dishwashers, washing machines, cookers, vacuum cleaners, air conditioners and small domestic appliances under brands such as Electrolux, AEG, Zanussi, Frigidaire and Electrolux Grand Cuisine. Co. has six segments: Major Appliances Europe, Middle East and Africa; Major Appliances North America; Major Appliances Latin America; Major Appliances Asia/Pacific; and Small Appliances, which comprise the products for consumer durables market; and Professional products. Co.'s professional products include food-service equipment for hotels, restaurants and institutions, as well as laundry equipment.
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