2008-12-23 00:00:00.0

Indesit Company acquires final GDA (Hotpoint) quota from General Electric

Indesit Company acquires final GDA (Hotpoint) quota from General Electric

Fabriano, 23rd December 2008 – Indesit Company today acquired the final quota of shares in General Domestic Appliance Holdings Ltd (Hotpoint) from General Electric (GE) for US$ 57,120,000. At the same time, a cash collateral of the same amount that the Company deposited in 2003 under the terms of the acquisition agreement was released.

The operation formally terminates the "put and call" contract entered in June 2002 by Indesit and GE under which the American multinational sold its 50% interest in GDA to the company led by Vittorio Merloni. The other 50% of GDA had already been acquired by Indesit from Marconi in March 2002.

Indesit Company is Europe’s second largest manufacturer of household appliances by market share and the world’s fifth. Founded in 1975 by the current chairman Vittorio Merloni and listed on the Milan stock exchange since 1987, the Group posted sales of over €3.4 billion in 2007, having turned out around 16 million appliances. Indesit, Hotpoint-Ariston and Scholtès are the Group’s main brands. Indesit Company operates through 17 production facilities and 24 commercial branches worldwide and employs over 17,000 people.

Press Office
Federico Ziller, tel.: +39 0732 662432, cell.: 335 75 55 508
e-mail: federico.ziller@indesit.com
Elisabetta Vilizzi, tel.: +39 02 30083111
e-mail: elisabetta.vilizzi@indesit.com

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