With a score of 92,23% whirlpool are proud to announce that they have been certified as a #TopEmployerEurope2023 by the Top Employer Institute, thanks to individual achievements reached in France, Poland, Italy, the UK, and Germany!
This certification recognizes their efforts in creating a working environment that empowers our people and strengthens their skills. Whirlpool Corporation stood out in the categories of Career Paths, Diversity & Inclusion, and Sustainability.
The 75/25 division is only a hypothesis, to be confirmed on the basis of the 2022 financial statements. The new company will be able to use the Whirlpool brand on its products for 40 years. Whirlpool assets in Africa and the Middle East sold for just 20 million
From left: Fatih Kemal Ebiçlioğlu, Consumer Durables Group President of Koç Holding, Marc Bitzer, Whirlpool Cooperation CEO, Hakan Bulgurlu, Arçelik CEO
While the Stock Exchanges gave their judgment on the operation, making Arçelik’s shares rise by 9% in Istanbul and those of Whirlpool in New York by 0.4%, new details emerge from a press release by Arçelik on the fate of Whirlpool Emea’s activities.
Object of the agreement: The agreement includes Whirlpool’s 38 European subsidiaries and 9 manufacturing sites in Italy, Poland, Slovakia and the United Kingdom, as well as Arçelik’s 2 manufacturing plants in Romania and its 25 European subsidiaries. Together, this will translate into a production capacity of approximately 24 million white products annually.
Contractors . Shareholders in the new company are Whirlpool Emea Holdings LLC and Arçelik’s wholly owned subsidiary Ardutch , a Dutch holding company through which Arçelik controls its European operations. The deal will see both Ardutch and Whirlpool transfer their European subsidiaries to the new company Division of shares. After these transfers, it is expected that 75% of the new company will be assigned to Ardutch BV and 25% to Whirlpool. The final ownership ratio post-closing will be determined taking into account the respective 2022 EBITDA, net asset values, net debt and net working capital of the parties.
Size and brand portfolio. The new business is expected to have more than 20,000 European employees. The combined net sales of the Arçelik and Whirlpool subsidiaries are approximately €6 billion, based on the net sales of the companies’ European operations in 2021. The new company will manufacture, sell and provide after-sales services for branded home appliances (including refrigerators , washing machines, vacuum cleaners, etc.) offering consumer choice across a range of Arçelik brands, including Grundig, Arctic, Elektrabregenz, Flavel and Leisure, alongside Whirlpool’s existing brands Indesit, Hotpoint*, Ignis, Privileg and Bauknecht. The company will have regional trademark rights to Arçelik’s Beko, Blomberg and Altus brands and Whirlpool Corporation’s Whirlpool brand for a period of 40 years.The sale of the Whirlpool businesses in Africa and ME. Separately, the parties also agreed to sign a stock purchase and sale agreement within six weeks for Whirlpool to divest its Middle East and North Africa (MENA) portion of the EMEA region to Ardutch (and therefore not to the new company), for a cash amount of 20 million euros. The transaction, when completed, would result in Ardutch acquiring full ownership of two additional Whirlpool subsidiaries located in the United Arab Emirates and Morocco.The comment of Arçelik’s group leader. Levent Çakıroğlu , CEO of Koç Holding (the parent company of Arçelik), commented, “ As Turkey’s largest industrial conglomerate, we continue to strengthen our impact with global success stories ranging from the UK to India, from South Africa to the United States. Today, Koç Group companies export to more than 150 countries. Arçelik, as a respected player in his industry, is taking his vision and ambitions forward with this new independent business. The opportunity for this business to deliver value to European consumers with market leading products through trusted brands and a commitment to sustainability in the home is significant. ”
A new company is born where the whirlpool hold 25% and Arçelik 75%. To whom all activities in the Middle East and Africa go.Whirlpool: minority agreement with Arcelik (Beko) in Europe
Whirlpool Corporation has announced the completion of the strategic review of its business in Europe, the Middle East and Africa (EMEA) and the reaching of a definitive contribution agreement with Arçelik, which in the portfolio owns the Beko brand. Under the terms of the agreement, Whirlpool will contribute its European major appliances business and Arcelik will contribute its white goods, consumer electronics, air conditioning and small appliances businesses, to create a new business entity of which Whirlpool will own 25 % and Arcelik 75%.
Separately, Whirlpool has reached an agreement in principle, also with Arcelik, for the sale and transfer of its Middle East and Africa operations. Whirlpool will continue to own the assets of the EMEA KitchenAid small appliances business.
The combined entity is expected to achieve combined revenues of more than €6 billion and be well positioned to deliver value to consumers through attractive brands, sustainable manufacturing, product innovation and consumer services. The combined businesses are expected to generate cost synergies of more than €200 million.” “Today’s announcement marks another important and decisive milestone in our portfolio transformation,” said Marc Bitzer, president and chief executive officer of Whirlpool Corporation. business and cost synergies through our minority stake”.
The transaction is expected to close in the second half of 2023 and is subject to additional closing requirements, including obtaining regulatory approvals and other customary closing conditions. Whirlpool’s European business met criteria for accounting for sale during the fourth quarter of 2022. Until the closing of the transaction, Whirlpool’s European business will be included in the company’s results. In addition, Whirlpool will have no obligation to provide financing to the new company after the closing of the transaction.
Whirlpool Corporation announced today that it has been named to the 2022 Dow Jones Sustainability World Index (DJSI) in recognition of the company’s ongoing focus on responsible and ethical business practices. Whirlpool Corporation was also included on the DJSI North America Index for the 16th year.
Whirlpool UK the home of Hotpoint, has launched the new Whirlpool World website, providing a platform for UK consumers to stay informed of the ways in which Whirlpool is working to improve life at home also provides comprehensive details on the company’s long-term sustainability strategy. As part of this strategy, which includes a commitment to reach net zero emissions at its plants and in its operations by 2030, Whirlpool UK has a strong track record of investing heavily in the circular economy
Whirlpool UK’s Peterborough headquarters and manufacturing facility in Yate have achieved the ambitious goal of zero waste to landfill. Alongside this, the company is trialling biofuel in its on-site vehicles, as well as working towards its entire fleet becoming 50 per cent electric by 2025, including company cars, engineers’ vans and delivery vehicles https://whirlpoolworld.co.uk/
whirlpool are taking the most drastic steps in the shifting business by slashing production of its refrigerators, dish washers and other home appliances by more than a third to shrink inventories.
The company is among dozens of U.S.-based multinational companies confronting weakening consumer demand amid higher costs. Whirlpool says cutting production volume by 35% last quarter reduced inventories by $300 million.
The moves are among the many steps companies are taking to adjust to increasingly volatile consumer spending patterns. Household staples supplier Procter & Gamble is diversifying its production assortment to keep cash-crunched shoppers from switching to cheaper brands.
In its most recent quarter, higher commodity, materials and freight costs reduced P&G’s gross profit margin by 5.5 percentage points, which was fully offset by cost cuts and price increases.
Whirlpool Corp is set to inaugurate a new factory in Buenos Aires after a $52 million investment, with plans to export more than 70% of the local production, Joao Carlos Brega, the firm’s Latin America chief, said.
The plant, which will employ some 400 workers, will produce 300,000 washing machines each year and export $50 million worth of products around Latin America, mainly to Brazil.
Whirlpool has opened a center for the reconditioning of its appliances in Carinaro (Italy), within the Whirlpool EMEA spare parts and accessories logistics hub. After a careful process of repair and quality control, the products are put back on the market for sale. “Sustainability is at the heart of our culture and, at Whirlpool, we are committed every day to lead the sector towards increasingly sustainable practices. This year we have set ourselves even more challenging goals, with the commitment to spread a culture that supports sustainability, offering an innovative service for green purposes – says Paolo Lioy, CEO of Whirlpool Italy and Iberia -. It is for this reason that we have decided to open a reconditioning center for our appliances in Carinaro. The reconditioned products are subjected to a series of tests to guarantee 100% product quality”.
Whirlpool ramps up its investments in renewable energy as the company signed Wednesday second wind virtual power purchase agreement in the off-site clean energy.
This latest agreement with ENGIE North America will represent 53 megawatts of clean, renewable wind energy over 12 years, which would mean removing about 30,633 gasoline-powered passenger vehicles from the roads each year.
“When this VPPA with ENGIE becomes fully operational in 2023, we expect to offset 100 percent of our U.S. plant electricity emissions,” noted management.
The move comes in line with company’s commitment to reach net zero emissions in its plants and operations by 2030.
Whirlpool Austria (and Germany) has had a new managing director since September 1st. Till Bickelmann, currently Head of Marketing Northern Europe and Head of Sales & Marketing DACH, has been promoted to Senior Director and is now in charge of the Austrian and German markets. In this function he will report to Jens-Christoph Bidlingmaier, VP Northern Europe Cluster
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