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.
Tag Archives: Whirlpool
Whirlpool Corporation Named To 2022 Dow Jones Sustainability World Index
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.
New whirlpool world website
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 Cuts Production to Counter Falling Appliance Sales
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 opens factory in Argentina with $52 million investment
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 opens a reconditioning center for its appliances in Italy
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 signs wind power purchase deal
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/ Bauknecht: New managing director for Germany and Austria
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
Whirlpool Cassinetta Plant
Whirlpool Corp.’s assembly plant CASSINETTA, Italy has become a zero waste to landfill facility a year ahead of schedule, and it reduced its carbon emissions by 38 percent in just four years. The appliance manufacturer is aiming for carbon neutrality at all of its 54 sites around the world by 2030.
Other sustainable improvements at the plant, which assembling ovens, refrigerators, and microwaves, including cutting electricity during breaks, recycling plastic, reducing the use of polystyrene, and opting for electric power over fossil fuels. Employing nearly 3,000 people, the plant sits in close proximity to 80 percent of its suppliers, reducing the carbon footprint needed to transport components and raw materials to the plant
Whirlpool to Buy Insinkerator Waste-Disposal Business in $3 Billion Deal
Whirlpool Corp. agreed to buy Insinkerator, Emerson Electric Co.’s Waste-disposal business, in a $3 billion transaction
InSinkErator, which has an over 70% market share in the food waste disposal industry, is a popular household name in the United States.
WHITEGOODSNOW 