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Toshiba, Electrolux Form Alliance

May 26, 1999

TOKYO (AP) _ Japanese electronics manufacturer Toshiba Corp. and Sweden’s AB Electrolux said today they have agreed to the joint development of household products and to coordinate marketing.

Toshiba head Taizo Nishimoto and Electrolux chief Michael Treschow did not rule out a capital tie-up, but said they initially would limit their partnership to 15 areas.

These include technology sharing, refrigerator and washing machine development and sales promotion in Asia, Europe and North America, they said.

Toshiba hopes the strategic alliance will improve its access to markets outside Asia, while Electrolux expects to benefit from increased business in the Pacific rim.

Financial terms of the deal weren’t disclosed.

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