STOCKHOLM Swedish home apparatus builder Electrolux (ELUXb.ST) pronounced on Thursday it was shopping U.S. organisation Grindmaster-Cecilware, a builder of coffee machines and libation dispensers, for $108 million in cash.
Grindmaster-Cecilware, that has around 200 staff and is formed in Louisville, Kentucky, had sales of some-more than $65 million final year.
The company, infancy owned by BNY Mezzanine Partners L.P., sells products underneath brands such as Grindmaster, Cecilware, Crathco, and American Metal Ware.
Electrolux pronounced a squeeze would enlarge a charity in a food use business.
“This pierce will also strengthen a participation in North America, one of a largest tellurian markets for veteran appliances,” pronounced Alberto Zanata, conduct of Electrolux business area Professional Products.
Electrolux is not disclosing a profitability of Grindmaster-Cecilware, a orator told Reuters.
The Professional Products section is Electrolux’ many essential business area and increasingly critical as a organisation has done reaching a long-elusive profitability idea a tip priority. The section had an handling domain of 13.9 percent in 2016 compared with 5.2 percent for a whole group.
(Reporting by Johannes Hellstrom; modifying by Niklas Pollard)