|
Grindmaster-Cecilware, which has around 200 staff and is based
in Louisville, Kentucky, had sales of more than $65 million last
year.
The company, majority owned by BNY Mezzanine Partners L.P.,
sells products under brands such as Grindmaster, Cecilware,
Crathco, and American Metal Ware.
Electrolux said the purchase would broaden the offering in its
food service business.
"This move will also reinforce our presence in North America,
one of the largest global markets for professional appliances,"
said Alberto Zanata, head of Electrolux business area
Professional Products.
Electrolux is not disclosing the profitability of
Grindmaster-Cecilware, a spokesman told Reuters.
The Professional Products unit is Electrolux' most profitable
business area and increasingly important as the group has made
reaching a long-elusive profitability goal its top priority. The
unit had an operating margin of 13.9 percent in 2016 compared
with 5.2 percent for the whole group.
(Reporting by Johannes Hellstrom; editing by Niklas Pollard)
[© 2017 Thomson Reuters. All rights
reserved.] Copyright 2017 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
