Stock Groups

Electrolux books $85 million tariffs case related charge in Q4 -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Electrolux’s logo was seen on the IFA Electronics in Berlin (Germany), September 4, 2014. REUTERS/Hannibal Hanschke/File Photo

STOCKHOLM, (Reuters) – Electrolux will add $85million to its fourth quarter earnings after an appeals panel upheld a U.S. Department of Commerce ruling regarding tariffs on washing machine imports into the U.S. in 2016.

The largest appliance manufacturer in Europe said Wednesday night that the cost would impact the operating profit for North America. This will result in a reduction of $63 million to its annual income.

On Friday, the Swedish Group will publish its annual earnings report.

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