Sweden's Electrolux Professional to buy Japan's Tosei

Electrolux Professional AB (publ)

22/12/2023 06:18

COPENHAGEN, Dec 22 (Reuters) - Sweden's Electrolux
Professional  EPROb.ST  on Friday said it had agreed to buy
Japan's Tosei Corporation  8923.T , a maker of professional
laundry equipment and vacuum packing machines, for about 1.65
billion Swedish crowns ($163.3 million).
    "Tosei will significantly strengthen our position in Japan
which is the second largest laundry market, and third largest
food service market globally," Electrolux Professional CEO
Alberto Zanata said in a statement.
    "In addition, we will be able to expand the vacuum packing
products that is already used globally in the fast-growing
segment of sous-vide cooking," he added.
    Tosei is currently owned by Marunouchi Global Fund II and
Marunouchi Capital Fund II, which are both related to Mitsubishi
Corporation.
    Closing of the deal is expected in the first quarter of
2024, Electrolux Professional said.

($1 = 10.1055 Swedish crowns)

 (Reporting by Louise Breusch Rasmussen, editing by Terje
Solsvik)
 ((Louisebreusch.rasmussen@tr.com; +45 21 27 97 79;))