Consumer electronics heavyweight, Electrolux, will acquire Best, a home solutions brand specialised in the design of kitchen hoods.
Electrolux has agreed to acquire Best, a European manufacturer of kitchen hoods. The takeover allows the consumer electronics juggernaut to develop a comprehensive offering of built-in cooking solutions and further support growth in Sweden and the region.
Best is part of Broan-NuTone, a North American manufacturer and distributor of residential ventilation products. The acquisition is subject to regulatory approvals and is set to be completed during the third quarter of 2017.
The brand achieved a net sales record of €42 million (about £37.2 million) in 2016 and by then, had 450 employees stationed primarily at manufacturing sites both in Cerreto d’Esi (Central Italy) and Zabrze (Southern Poland).
“The acquisition is a perfect strategic to reinforce our capabilities for the design, R&D, and manufacturing of kitchen hoods, a key aspect in offering consumers an outstanding cooking experience,” said Dan Arler, Head of Business Area Major Appliances, Europe, Middle East and Africa at Electrolux.