Electrolux president/CEO Keith McCloughlin is sitting pretty after structuring the majap industry’s biggest deal of the decade.
The Long Island, N.Y., native, who rose through the ranks to run the world’s second- largest appliance manufacturer, will close the gap with No. 1 rival Whirlpool with his $3.3 billion agreement to buy GE Appliances.
The deal, which is set to close next year, will give the combined company control over about a quarter of the U.S. majap retail market, The Stevenson Company president/CEO Dave Stevenson told TWICE, as well as greater prowess in laundry, bottom-mount refrigeration, logistics, R&D and the contract channel.
Retail reaction has been mixed, however, with dealers anticipating fewer choices and reduced pricing power in the marketplace.
Responded McLoughlin: “We’ve had more positive reaction from retailers than negative. They understand that this means more research, more innovation, and greater investment in the brand, which will help grow the market,” he told TWICE.