March 10, 2020 / 12:56 PM / 19 days ago

Electrolux Pro unit sees virus outbreak hitting business as listing nears

STOCKHOLM, March 5 (Reuters) - Electrolux Professional , the commercial kitchen, beverage and laundry equipment unit of Sweden’s Electrolux AB, said on Tuesday it expected the coronavirus outbreak to weigh on its business through the first half of this year.

The company, due to be spun off from Electrolux and separately listed on the Nasdaq Stockholm exchange on March 23, made the comments in its listing prospectus.

Electrolux Professional, which had sales of 9.3 billion Swedish crowns ($981.06 million) last year, has its operational headquarter in Italy, and two of its twelve manufacturing plants are located there.

“So far, the outbreak of the coronavirus has negatively affected the group’s sales in China and Italy, and is expected to impact Electrolux Professional’s business and its end-markets in the first half of 2020,” the company said.

It said it currently did not see any major impact on its ability to deliver products, but added that could change should the uncertain situation continue or deteriorate.

It also said it expected the impact from the outbreak on business activities to be more significant in the second quarter than in the first.

$1 = 9.4795 Swedish crowns Reporting by Johannes Hellstrom; editing by Niklas Pollard

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