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2017-02-06

Electrolux: Electrolux to acquire fast-growing smart kitchen appliance company Anova

Electrolux today announced it has agreed to acquire Anova, the U.S.
based provider of the Anova Precision Cooker, an innovative connected
device for sous vide cooking that enables restaurant-quality results
in the home. The acquisition provides a significant opportunity for
profitable growth in this emerging product category. Anova's
direct-to-consumer business model and digital focus are also of
strong strategic interest to Electrolux.

Anova was founded in 2013 and is growing rapidly amid popular acclaim
for its innovative product, which was rated best cooking gadget of
2016 by reviewed.com
(http://www.reviewed.com/home-outdoors/best-right-now/best-immersion-circ...).

Net sales in 2016 amounted to around USD 40 million. The up-front cash
consideration in the transaction is USD 115 million, with an
additional amount of up to USD 135 million, depending on future
financial performance. The company has approximately 70 employees and
contractors globally and is headquartered in San Francisco,
California. Sales are primarily carried out online - directly to
consumer and through major retailers.

"Anova's mission - to make it easy for consumers to cook like a pro -
is so similar to our own focus on great tasting food that this was
quite obviously a perfect match," said Ola Nilsson, Head of
Electrolux business area Home Care and Small Domestic Appliances.
"It's also a great strategic fit in terms of Anova's approach to
online sales and digital marketing, and in how they leverage
connectivity in the products. We have a lot to learn from each other,
and look forward to helping Anova take the next steps on their global
growth journey while maintaining an agile and innovative culture."

The Anova Precision Cooker connects to a user's smartphone and offers
thousands of recipes to make it easy to cook sous vide - a cooking
technique that is well established in gourmet restaurants and growing
among consumers. Food is placed in a sealable bag and brought to a
precisely controlled temperature in a water bath. The precision
cooker is an immersion circulator, which heats and maintains the
water at a precise temperature, ensuring great results. Read more
about Anova here (https://anovaculinary.com/).

"This acquisition offers a valuable stepping stone in our journey to
deliver best in class consumer experiences through smart, connected
appliances. Additionally, Anova's passionate community of food lovers
is a great example of the kind of relationship we are building with
people around the world," said Jonas Samuelson, President and CEO of
Electrolux. See a video with Jonas Samuelson here
(http://www.electroluxgroup.com/anova).

To further leverage the benefits of joining forces with Anova,
Electrolux Home Care business area intends to open an office in San
Francisco, in order to establish an innovation hub for creating
meaningful and innovative consumer experiences in the smart home
arena. Related opportunities will be made public at Electrolux on
LinkedIn
(https://www.linkedin.com/company/electrolux?trk=company_logo).

The acquisition is subject to regulatory approvals, and is expected to
be closed during the first quarter of 2017.

For further information, please contact Electrolux Press Hotline, +46
8 657 65 07.

About Anova
Anova is the leading smart kitchen brand with its award-winning
connected sous vide device, the Anova Precision Cooker
(https://anovaculinary.com/anova-precision-cooker/). Since its
inception, the company's vision has been to build an Anova Kitchen-a
kitchen where devices are user-friendly, connected, and affordable,
so everyone can cook like a pro. For more information, go to
anovaculinary.com.

About Electrolux
Electrolux is a global leader in home appliances and appliances for
professional use, based on deep consumer insight. We offer
thoughtfully designed, innovative and sustainable solutions,
developed in close collaboration with professional users. The
products include refrigerators, ovens, cookers, hobs, dishwashers,
washing machines, vacuum cleaners, air conditioners and small
domestic appliances. Under esteemed brands including Electrolux, AEG,
Zanussi, Frigidaire and Electrolux Grand Cuisine, the Group sells
more than 60 million products to customers in more than 150 markets
every year. In 2016 Electrolux had sales of SEK 121 billion and
55,000 employees. For more information go to www.electroluxgroup.com.

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http://news.cision.com/electrolux/r/electrolux-to-acquire-fast-growing-s...
http://mb.cision.com/Main/1853/2180826/623880.pdf

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