{"id":7957,"date":"2022-04-07T07:34:00","date_gmt":"2022-04-07T07:34:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/3717405_AE17405_0"},"modified":"2022-04-07T07:34:00","modified_gmt":"2022-04-07T07:34:00","slug":"positive-usd-70-5m-non-recurring-item-related-to-u-s-tariff-case","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=7957","title":{"rendered":"Positive USD 70.5m non-recurring item related to U.S. tariff case"},"content":{"rendered":"
<\/div>\n

STOCKHOLM<\/span>, April 7, 2022<\/span> \/PRNewswire\/ — Electrolux will report a positive non-recurring item of USD 70.5m<\/span> (SEK 656m<\/span>) in the first quarter 2022 report related to the case of tariffs on washing machines imported to the U.S.<\/p>\n

Electrolux has reached a settlement related to the case of tariffs on washing machines imported into the U.S. from Mexico<\/span> in 2016\/2017. The settlement payment of USD 70.5m<\/span> (SEK 656m<\/span>) from prior counsel will be reported as a non-recurring item, positively impacting the first quarter operating income in business area North America<\/span>. The positive cash flow impact is expected to occur during the second quarter of 2022.<\/p>\n

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<\/span> between February 2016<\/span> and January 2017<\/span>. Upon appeal, a panel later upheld the DOC decision, resulting in a charge to earnings in the fourth quarter 2021 of USD 85m<\/span> (SEK 727m<\/span>), communicated on January 26, 2022<\/span><\/a>.<\/p>\n

The interim report for the first quarter 2022 will be published on April 29, 2022<\/span> at 08.00 CET.<\/p>\n

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<\/span> 08:45 CET<\/span>.<\/p>\n

For further information, please contact:<\/b><\/p>\n

Paul Palmstedt, Corporate Communications, +46 70 593 92 83<\/p>\n

Sophie Arnius, Investor Relations, +46 70 590 80 72<\/p>\n

This information was brought to you by Cision http:\/\/news.cision.com<\/a><\/p>\n

https:\/\/news.cision.com\/electrolux\/r\/positive-usd-70-5m-non-recurring-item-related-to-u-s–tariff-case,c3541697<\/a><\/p>\n

The following files are available for download:<\/p>\n","protected":false},"excerpt":{"rendered":"

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. […]<\/p>\n","protected":false},"author":8,"featured_media":7958,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-7957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"yoast_head":"\nPositive USD 70.5m non-recurring item related to U.S. tariff case - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=7957\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Positive USD 70.5m non-recurring item related to U.S. tariff case - 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