Indesit Sold

Whirlpool the world’s largest maker of home appliances, has agreed to pay 758 million euros (602.67 million pounds) to buy a 60 percent stake in smaller Italian rival Indesit  to further expand beyond its U.S. home market.

The acquisition of Indesit, which is a market leader in Italy, the United Kingdom and Russia, follows Whirlpool’s purchase of a majority stake in  Hefei Rongshida Sanyo Electric Co Ltd  last year for $552 million (322.57 million pounds)

Family-controlled Indesit, which produces washing machines, freezers and ovens, has been searching for eight-months for a buyer that would help it reduce its dependence on Italy and compete against cheaper products from eastern Europe and China.

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