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Electrolux says Europe woes spreading from south to other mkts
September 17, 2012 / 10:03 AM / 5 years ago

Electrolux says Europe woes spreading from south to other mkts

STOCKHOLM, Sept 17 (Reuters) - Electrolux’s market for household appliances in Europe is suffering from a slowdown, which is spreading from the crisis-hit south to other markets, the chief executive of the Swedish company said on Monday.

Keith McLoughlin told Reuters in an interview that it looked like the group, the second largest home appliances maker after U.S. market leader Whirlpool, would come in at the bottom end of its 2012 forecast range of flat to minus two percent.

“Demand in western Europe in particular has been weak and continues to be weaker, it is getting a bit weaker. Southern Europe weakness is now spreading to central and northern Europe. Central and northern Europe are still growing, but at slower rates,” he said.

The group has already said it will also be closer to the bottom end of its forecast range for demand in the North American market of flat to up two percent.

“We need to start having some pretty good demand to get it within that range,” he added.

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