Vacuum Cleaners Discussions

Sweden's Electrolux AB named Chief Operating Officer Keith McLoughlin, a 54 year old American, to succeed President and Chief Executive Officer Hans Straberg.  Mr. Straberg, 53, joined Electrolux in 1983 and was appointed CEO in 2002.  It reported first half 2010 net profit of $1.03 billion Swedish kroner ($150.4 million), up from 658 million kroner a year earlier.

McLoughlin currently is responsible for R&D, manufacturing and purchasing for Electrolux Major Appliances and previously was head of Electrolux Major Appliances North America.  He joined the company in 2003 after 22 years withy Dupont.  McLoughlin's appointment is effective Jan 1, 2011.

Straberg is credited with making Electrolux into a global consumer driven company.  Electrolux makes vacuum cleaners, refrigerators and dishwashers and made it through the recent economic downturn by cutting jobs and moving factories to low-cost countries.  Straberg says that he wants to develop his boardroom assignments and currently is a director of Finnish pulp and paper maker Stora Enso.

Carmine D.

Hi Venson:

According to official spokespeople from both the brands the consensus is that consumers are not using their credit cards as much for major new appliance purchases; the major appliances nowadays are lasting longer than in the recent past years; the home market collapse eliminated a major source of sales for new major appliances AND the prices of new major appliances are down in comparison to the same time last year.  Both have revised sales and earnings estimates for 2010 downward.  Not good indicators for a turnaround any time soon.  Most economists have revised their estimates for a turnaround in the housing market and therefore economy and jobs.  From late 2010 and 2011 to 2012 and 2013. 

Aerus should have asked for a percentage on the profits of the Electrolux vacuum sales after selling its name off for many years into the future, exactly for the reason you said.

Carmine D.

I really do hope Electrolux in the UK get better floorcare ranges instead of rebadging everything with AEG .