Whirlpool corporation is selling a 24% stake in its subsidiary Whirlpool of India to various investors. The goal is to raise $451 million. The operation was officially announced last November and is part of the debt and invested capital reduction strategy which also led to the disengagement from EuropeWhirlpool of India sees its leadership position on the Indian white goods market undermined by competition, especially Korean competition, and closed its financial statements in December with a loss for the sixth consecutive quarter. The Indian stock market, on the other hand, is at historically very high levels. To be precise, Whirlpool Corp has put 19 million shares on the market and hopes to place another 11 million while remaining the controlling shareholder.
Tag Archives: Whirlpool
Maurizio Sberna leaves Whirlpool
Maurizio David Sberna leaves the role of Senior Director Communications, CSR & Government Relations for Europe, Middle East, Africa of Whirlpool Corporation. With the de facto green light from the English Antitrust, Sberna’s work, which arrived in Whirlpool EMEA three years ago, has come to an end: the sale of Whirlpool’s European activities to the new majority-owned company of Arçelik no longer fears obstacles.
Whirlpool included in the S&P Global Sustainability Yearbook
Whirlpool Corporation has been included in the S&P Global Sustainability Yearbook 2024 based on the company’s commitment to sustainability and transparent communication of progress. The Yearbook is based on S&P Global’s Corporate Sustainability Assessment, a resource for corporate sustainability performance. Of 9,400 companies invited, Whirlpool is the only U.S. based appliance manufacturer to be included in the yearbook in the Household Durables category
UK competition watchdog clears Arcelik’s European deal with Whirlpool
Britain’s antitrust regulator provisionally cleared Turkish domestic appliances maker Arcelik’s opens new tab proposed purchase of Whirlpool’s opens new tab appliances business in Europe on Thursday.
The Competition and Markets Authority (CMA) said the deal was unlikely to reduce competition in the market for domestic appliances including washing machines, dishwashers and cooking appliances.
The deal, which would see Whirlpool and Arcelik’s European businesses fold into a new company, was approved by EU antitrust regulators in October.
Whirlpool winner
Whirlpool Corporation has been recognized with two important awards in Spain and Portugal for 2024.
In Portugal, Whirlpool is the #1 Consumer Choice for washing machines and hobs, while also securing second place in the Good Choice Awards for dishwashers.
In Spain, induction hobs with Clean Protect were crowned Product of the Year 2024 – the 7th consecutive year that Whirlpool products have been recognized.
CES 2024 Whirlpool unveils the SlimTech Insulation Technology
Whirlpool Corporation unveils SlimTech, the VIS (vacuum insulated structure) technology for refrigerators. “SlimTech Insulation Technology at CES – the company says – starts with a proprietary, highly porous powder blend. That powder is vacuum-sealed within the door or sides of the refrigerator itself, removing the need for bulky polyurethane foam insulation and reducing the wall thickness by up to 66% – allowing for up to 25% more capacity inside the refrigerator. This technology will make its debut later this year on the doors of select JennAir luxury 30 in. SlimTech Insulation Column refrigerators, and will roll out more broadly in KitchenAid refrigerators in the future, utilizing the technology for the entire structure”. The SlimTech Insulation Technology also unlocks the potential for more discreet refrigeration spaces that could be seamlessly brought to other rooms of the house or be contained within other pieces of furniture. In addition to design and capacity benefits, the material used has the potential to be recycled, reducing the overall environmental impact of refrigerators.
WHIRLPOOL CORPORATION NAMED TO 2023 DOW JONES SUSTAINABILITY
Whirlpool Corporation announced that it has been named to the 2023 Dow Jones Sustainability World Index (DJSI) in recognition of the company’s dedication to responsible and ethical business practices. This marks the second consecutive year Whirlpool Corp. has been named to the World Index. The company is also on the North America Index for the 17th year.
“For 112 years we have held ourselves to the highest ethical standards in our business operations, and we are proud of our long history of purposeful innovation, sustainable operations and local community engagement,” said Marc Bitzer, chairman and CEO of Whirlpool Corporation. “Receiving this recognition once again validates the efforts of our thousands of employees and their dedication to our vision of improving life at home.”Whirlpool Corp. advanced its environmental, social and governance (ESG) strategy, reaching Zero Waste to Landfill (ZWtL) gold or platinum level at 100% of its large global manufacturing sites in 2022, a goal set in 2012.
In a statement, the company explained that Zero Waste to Landfill is part of the company’s ongoing commitment to World Class Manufacturing, the foundation for the company’s sustainable manufacturing journey. Whirlpool Corp. continues to invest in plant efficiency and waste reduction by working closely with recycling and sustainability organizations to find new, innovative ways to eliminate waste and contribute to the circular economy.
Whirlpool wants to sell 24% of the subsidiary listed in Bombay
The parent company intends to move from 75 to 51% of Whirlpool of India which is suffering from competition from LG and other brands in the Indian market Whirlpool corporation has announced its intention to reduce its stake in Whirlpool of India, the publicly listed subsidiary created for the Indian market, from 75 to 51%. It is not yet known whether Whirlpool intends to place the shares on the stock exchange (where the stock fell 8% on the announcement) or sell them to one or more over-the-counter operators. The objective of the operation which will take place next year is to reduce Whirlpool’s overall debt and its capital base (a strategy which also explains the sale of Whirlpool EMEA to Arçelik ). The operation will start in 2024 because by the end of 2023 Whirlpool of India will have to repay a loan of 500 million to the parent company.
Despite the excellent performance of the Indian economy, Whirlpool of India (which recently purchased Elica’s assets in India) is suffering from intensified competition especially from LG and in the last quarter recorded a 23% drop in profits.
Antitrust Beko whirlpool
English Antitrust yesterday published the list of issues it intends to evaluate to give the green light to the merger of a large part of # whirlpool ‘s European activities with those of arçelik in beko europe . Two weeks of fire began for the corporate affairs teams of Whirlpool Corporation , led in Europe by Maurizio David Sberna and of Arçelik Global . They have until November 21st to demonstrate to the Competition and Markets Authority that the operation would not significantly reduce the competitive framework in the medium-low range of the washing and cooking categories. Whirlpool’s key argument is “if the merger doesn’t happen we would leave the market and competition would be reduced anyway”. Arçelik seems to understand from the statements of its CEO Hakan Bulgurlu that “the crisis phase of the sector is not short-term” and rationalization therefore appears to be the only way to transfer value to consumers.
EU antitrust approves Whirlpool-Arçelik merger
The European Antitrust has approved the merger of Whirlpool ‘s activities in Europe with those of Arçelik into Beko Europe . European Commission officials believe that the union of the former Whirlpool EMEA brands with Turkish ones does not lead to dominant positions.
The start of the operation announced in January 2023, however, must wait until the spring of 2024 when the English Antitrust Authority will complete its in-depth investigation having detected in an initial analysis the risk of a significant reduction in competition, especially in some areas of the market .
Whirlpool confident of a ‘green light’ also from London
Hailing the EU Commission’s decision, Whirlpool said it was confident that the CMA, at the end of the investigation, would also agree with the assessments expressed at the European level. However, the operation will be carried out, at worst, giving up access to the English market for some brandsThe Whirlpool-Arçelik operation in brief
Subject of the agreement: The agreement includes Whirlpool’s 38 European subsidiaries and 9 production sites in Italy, Poland, Slovakia and the United Kingdom, as well as Arçelik’s 2 production plants in Romania and its 25 European subsidiaries. Together, this will result in a production capacity of approximately 24 million white products per year.
Contractors . Shareholders of the new company are Whirlpool Emea Holdings LLC and Ardutch, a wholly owned subsidiary of Arçelik, a Dutch holding company through which Arçelik controls its activities in Europe. The deal will see both Ardutch and Whirlpool transfer their European subsidiaries to new Chinese company Beko Europe.
Subdivision of shares. After these transfers, it is expected that 75% of the new company will be allocated to Ardutch BV and 25% to Whirlpool. The final post-closing ownership ratio will be determined taking into account the parties’ respective 2022 EBITDA, net asset values, net debt and net working capital.
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