STOCKHOLM, Sweden -- Electrolux, a Sweden-based global appliance manufacturer, has acquired Grindmaster-Cecilware, a U.S.-based manufacturer of hot, cold and frozen beverage equipment, including coffee machines often used in convenience stores.
Based in Louisville, Ky., Grindmaster-Cecilware employs 200 workers and had net sales of approximately $65 million in 2016. The company operates manufacturing facilities both in Louisville and Rayong, Thailand, where it makes equipment products to sell under several different brands, including Grindmaster, Cecilware, Crathco and American Metal Ware.
Electrolux is looking to expand its reach in the foodservice segment and accelerate the expansion of its Professional Products category with this acquisition, which widens its reach into the U.S. market.
"We are very pleased to complement our portfolio with such an attractive range of beverage products, as the combination better meets customer needs, especially among foodservice chains,” said Alberto Zanata, head of Electrolux’s Professional Products area. “This move will also reinforce our presence in North America, one of the largest global markets for professional appliances."
According to a company release, the cash consideration of the deal with Electrolux totaled an estimated $180 million.
Electrolux manufactures home appliances and appliances for professional use, including refrigerators, ovens, cookers, dishwashers, washing machines, vacuum cleaners, air conditioners and small domestic appliances. Under brands such as Electrolux, AEG, Zanussi, Frigidaire and Electrolux Grand Cuisine, the company sells more than 60 million products to customers in more than 150 markets every year.
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