3 Jul 2020
EUR 60 million
Financial institutions and SMEs
Electrolux’s air cleaning system can be controlled by smart phone. Photo: Electrolux
NIB and the Swedish AB Electrolux have signed a USD 150 million (EUR 133 million) loan programme to finance the company’s R&D and innovation programme for the development of more advanced, connected and energy-efficient electronic goods. The loan has a tenor of ten years.
Electrolux has significantly increased its expenditure for R&D and innovation during the last five years in order to stay at the forefront of the appliance industry, which is undergoing a major digital transformation. Demand for connected appliances is expected to increase rapidly, meaning that consumers want to steer their home appliances’ performance from mobile phones and tablets.
The current innovation programme for 2016–2019 expressly addresses this development of appliance performance and connectivity, resulting in improved user-friendliness and also decreased energy and water consumption. Among others, the innovations will apply to goods such as dishwashers, refrigerators, freezers, vacuum cleaners, coffee machines and blenders, as well as water heaters, and professional laundry and air conditioning equipment.
“As a substantial part of Electrolux’s R&D investments will take place in Sweden, this loan is also likely to enhance the productivity and knowhow of other Swedish companies due to increased knowledge and technology developments”, says Henrik Normann, NIB President & CEO.
Especially the transformation to more connected appliances is expected to enable electronic goods manufacturers to build longer-term relationships with clients through after-sales services that haven’t been available previously.
Electrolux is a global leader in home appliances, having brand names such as Electrolux, AEG, Zanussi, Frigidaire and Electrolux Grand Cuisine. The company sells more than 60 million products to customers in more than 150 markets every year. In 2015, Electrolux had sales of SEK 124 billion and 58,000 employees. Electrolux was established in 1919, and is headquartered in Stockholm, Sweden.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
For further information, please contact
Mr Nicolas Audibert, Director, Head of Industries & Services group, at +358 10 618 0689,
Ms Niina Rantti, Communications Officer, at +358 10 618 0265,