Swedish domestic appliance firm Electrolux has announced that it has acquired a controlling stake in the Chilean appliance maker Compañia Tecno Industrial S.A (CTI).
The deal has made Electrolux the largest supplier of appliances such as fridges and freezers in Chile and Argentina. Following the purchase of Egyptian appliance manufacturer the Olympic Group in July, it also confirms Electrolux's intention to expand in emerging markets like Latin America.
A statement released by the firm said the deal values CTI at approximately 4.4bn Swedish krone (£0.42bn).
Keith McLoughlin, Electrolux chief executive, said the deal would provide "significant growth opportunities" that either company on its own would find difficult to achieve.
He said: "Together we will generate significant revenue and cost synergies relating to purchasing and production.
"Latin America is important to our growth plans and we believe there will be a successful path ahead for the combined forces of Electrolux and CTI."