Hartford-based ventilation product manufacturer Broan-NuTone LLC plans to sell its Best Kitchen Ventilation business in Europe, the Middle East and Asia to Swedish household appliance powerhouse Electrolux Group.
The companies expect the sale to close in the third quarter, pending regulatory approvals. The transaction price was not disclosed.
Broan-NuTone’s Best Kitchen manufacturing plants in Italy and Poland will go to Electrolux in the deal, along with the rights to develop and market the Best products in Europe, the Middle East and Asia.
The Hartford company will continue to own, develop and manufacture the Best brand in North America. The transaction is not expected to impact U.S. operations or jobs, a spokeswoman said.
Broan-NuTone is the leading U.S. manufacturer and distributor of residential ventilation products. It makes range hoods, ventilation fans, heater/fan/light combination units, balanced ventilation systems, built-in heaters and attic ventilators. The company has 2,500 employees at eight global facilities. The company in April announced it would add 60 new employees, and in May hired a new chief executive officer, Frank Carroll.
Electrolux Group manufactures residential and professional appliances. The company sells more than 60 million household and professional products in more than 150 markets every year under the Electrolux, AEG, Anova, Frigidaire, Westinghouse and Zanussi brands. It reported $14.1 billion in 2016 revenue and has more than 53,000 global employees.
“While we are sad to part ways with our Best EMEA employees and business, we know Electrolux will continue the great tradition and investment of the Best brand in their markets,” Carroll said. “The Best brand will continue to be an important part of our portfolio and we look forward to continuing to serve our customers and consumers in North America.”
