Sweden's Electrolux said Monday it was paying $3.3 billion (2.54 billion euros) to acquire General Electric (GE) Appliances under efforts to boost its presence in North America.

The deal would include a 48.4 percent stake GE owns in Mexican appliance maker Mabe, the Stockholm-based company said.

Electrolux Chief Executive Keith McLoughlin said the acquisition would take the Swedish company "to a new level in terms of global reach and market coverage."

Electrolux is the world's second-largest appliance manufacturer. The deal will double the firm's sales in North America to about $10 billion.

GE Appliances is based in Louisville, Kentucky, and produces refrigerators, freezers, cooking products, washers, dryers and air conditioners, among others. The division employs about 12,000 workers at nine factories, and earned $381 million on $8.3 billion in sales last year.

"GE Appliance's people, valuable home appliances brand, products, distribution, and service capabilities make it a perfect fit with Electrolux and its goal of accelerating growth in the US," GE Chief Executive Jeff Immelt said in a statement.

Electrolux said the deal would be financed by a bridge loan accompanied by a rights issue that would pay about 25 percent of the price. The company also announced it was hoping for regulatory approval, enabling it to close the purchase next year.

uhe/sgb (AP, Reuters)