Sweden's Electrolux Professional to buy Japan's Tosei
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SWEDEN’S Electrolux Professional on Friday said it had agreed to buy Japan’s Tosei Corporation, a maker of professional laundry equipment and vacuum packing machines, for about 1.65 billion Swedish crowns (S$216.4 million).
“Tosei will significantly strengthen our position in Japan which is the second largest laundry market, and third largest food service market globally,” Electrolux Professional CEO Alberto Zanata said.
“In addition, we will be able to expand the vacuum packing products that is already used globally in the fast-growing segment of sous-vide cooking,” he added.
Tosei is currently owned by Marunouchi Global Fund II and Marunouchi Capital Fund II, which are both related to Mitsubishi Corporation.
Closing of the deal is expected in the first quarter of 2024, Electrolux Professional said. REUTERS
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