According to Electrolux, the acquisition enhances its position as a global player in home appliances, offering an unparalleled opportunity to invest in innovation and growth, which will benefit consumers, retailers, employees and shareholders. "This is an historic moment and important strategic move for the Electrolux Group, which takes our company to a new level in terms of global reach and market coverage. GE's premium, high-quality appliances complement our own iconic brands and will enhance our presence in North America said Keith McLoughlin, President and CEO of Electrolux. "The acquisition, which is our largest ever, strengthens our commitment to the appliance business and also provides Electrolux with the scale and opportunity to accelerate our investments in innovation and global growth. Jeff Immelt, Chairman and CEO of GE, said, "Electrolux is the right global business for our customers, consumers and employees. GE Appliances' people, valuable home appliances brand, products, distribution, and service capabilities make it a perfect fit with Electrolux and its goal of accelerating growth in the U.S. GE Appliances is headquartered in Louisville, KY, USA, and generates more than 90 % of its revenue in North America. GE Appliances' product portfolio includes refrigerators, freezers, cooking products, dishwashers, washers, dryers, air conditioners, water filtration systems, and water heaters. Its revenue split by major product category is approximately 35 % cooking, 25 % refrigeration, 20 % laundry, 10 % dishwashers, and 10 % home comfort (A/C). The company operates its own distribution and logistics network and has nine well-invested manufacturing facilities with 12,000 employees. The acquisition includes a 48.4 % shareholding in the Mexican appliance company Mabe. For nearly 30 years, GE Appliances has had a joint venture with Mabe in Mexico where Mabe develops and manufactures portions of GE Appliances' product offering. In 2013, GE Appliances had sales of USD 5.7 billion (SEK 37 billion) and an EBITDA of USD 390 million (SEK 2.5 billion) including share of income from Mabe. The fit between Electrolux and GE Appliances creates a strong platform for growth in the North American appliance market and enables the combined business to better serve North American consumers. GE Appliances has a strong offering to consumers complementing Electrolux's current brands in the USA. Electrolux has secured the right to the GE Appliances brands through a long term license agreement with GE. GE Appliances' nationwide distribution and logistics network also provides an opportunity to offer an even wider range of products to a broader consumer base, said Electrolux. "GE Appliances is a well-run operation with strong capabilities in key areas such as R&D, engineering, supply chain and customer service, and we look forward to joining forces with their team of talented and competent people, Keith McLoughlin said. The proforma combined 2013 sales figure for Electrolux and GE Appliances is USD 22.5 billion (SEK 147 billion) and EBITDA is USD 1.5 billion (SEK 9.7 billion). Electrolux and GE Appliances together have 73,000 employees. Completion of the transaction is mainly subject to regulatory approvals. The acquisition is expected to close during 2015. As is customary in the USA in certain types of transactions, Electrolux has agreed to pay a termination fee of USD 175 million in certain circumstances involving the failure to obtain regulatory approvals.