April 25, 2013 / 7:01 AM / 5 years ago

Electrolux CEO sees no recovery in Europe mkt first half 2013

STOCKHOLM, April 25 (Reuters) - Electrolux does not expect the European appliances market to recover in the first half of 2013, but hopes positive signs in North America will start spreading to Europe in the second half, its chief executive told Reuters on Thursday.

“I would said that we don’t expect recovery in the first half,” Chief Executive Keith McLoughlin said, adding that when the U.S. market starts to recover, Europe is typically “not that far behind”.

“We’re hopeful that we will start to see something more positive in the second half, but we’re not changing our outlook for the year for Europe,” he said.

The world’s second biggest appliances maker expects market demand for core appliances in Europe to decline this year, while demand in North America is expected to increase on the back of an improving housing market.

The company’s earnings fell more than expected in the first quarter.

Reporting by Veronica Ek, editing by Patrick Lannin

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