Electrolux to buy GE’s appliance division

Stockholm-based Electrolux has announced it is buying the appliances business of General Electric Co., boosting its presence in the North American market. The acquisition is the largest ever for Electrolux, which has its North American headquarters in Charlotte, N.C.

GE confirmed in August that it was in talks to sell its appliances division, based in Louisville, Ky., as part of its effort to focus on selling more complex and profitable industrial equipment. The division, which employs 12,000 workers at nine factories, produces refrigerators, freezers, cooking products, washers, dryers, and air conditioners.

The acquisition needs regulatory approval and is expected to be completed in 2015.