Subject: ACC
Positive USD 70.5m non-recurring item related to U.S. tariff case
STOCKHOLM, April 7, 2022 /PRNewswire/ -- Electrolux will report a positive non-recurring item of USD 70.5m (SEK 656m) in the first quarter 2022 report related to the case of tariffs on washing machines imported to the U.S.
Electrolux has reached a settlement related to the case of tariffs on washing machines imported into the U.S. from Mexico in 2016/2017. The settlement payment of USD 70.5m (SEK 656m) from prior counsel will be reported as a non-recurring item, positively impacting the first quarter operating income in business area North America. The positive cash flow impact is expected to occur during the second quarter of 2022.
The settlement relates to a 2018 decision by the Department of Commerce (DOC) to set a tariff rate of 72.41% on Electrolux washing machines imported into the U.S. from Mexico between February 2016 and January 2017. Upon appeal, a panel later upheld the DOC decision, resulting in a charge to earnings in the fourth quarter 2021 of USD 85m (SEK 727m), communicated on January 26, 2022.
The interim report for the first quarter 2022 will be published on April 29, 2022 at 08.00 CET.
This disclosure contains information that Electrolux is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 07-04-2022 08:45 CET.
For further information, please contact:
Paul Palmstedt, Corporate Communications, +46 70 593 92 83
Sophie Arnius, Investor Relations, +46 70 590 80 72
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The following files are available for download:
220407 PRM non-recurring item tariff case US final eng |
SOURCE Electrolux
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