Whirlpool India plans to acquire 49% ownership interest in Elica PB India
BENTON HARBOR, Mich. June 4, 2018 Whirlpool India, a majority-owned subsidiary of Whirlpool Corporation, today announced that it has signed an agreement to acquire a 49% equity interest in Elica PB India. The joint venture is in line with Whirlpool India’s strategic priority to expand its cooking and built-in appliance portfolio.
As part of the joint venture, Elica PB India will manufacture and distribute cooking and built-in appliances under the Whirlpool brand in India. Elica PB India is a subsidiary of Elica SpA Italy and has been operating in India since 2010. The parties expect the transaction to close in the second half of 2018. The transaction also includes put and call rights on terms set out in a shareholders agreement.
Sunil D’Souza, Managing Director, Whirlpool India said, “The cooking and built-in appliance space is poised for very strong growth in India based on increasing consumer demand. Whirlpool aims to broaden its distribution and expand its portfolio of innovative products with Elica’s impressive capabilities in consumer insights, design, and manufacturing, and to bring outstanding product innovation and provide more options to the kitchens of our consumers.”
Pralhad Bhutada, CEO, Elica PB India said, “Elica PB has built a very strong product portfolio and distribution network for the Elica brand. With the addition of Whirlpool brand products, we will be offering two very appealing appliance brands to Indian consumers and we are confident that we can take both these brands to greater heights.”
About Whirlpool Corporation
Whirlpool Corporation (NYSE: WHR) is the world's leading major home appliance company, with approximately $21 billion in annual sales, 92,000 employees and 70 manufacturing and technology research centers in 2017.
The company markets Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, Jenn-Air, Indesit and other major brand names in nearly every country throughout the world. Additional information about the company can be found at WhirlpoolCorp.com, or find us on Twitter at @WhirlpoolCorp.
About Elica PB India Private Limited
Elica SpA formed a joint venture, Elica PB India Private Limited in India, in 2010. The manufacturing unit in India is located in Pune, Maharashtra. This state-of-the-art manufacturing plant is well-equipped with machinery, automated assembly lines and equipment imported from Italy. Each process of manufacturing receives technical assistance from Italy, with a manufacturing capacity to produce more than 15 models and over 50 versions of kitchen hoods, more than 15 models of built-in-hobs and cooktops.
Whirlpool Corporation Additional Information
This document contains forward-looking statements regarding investment timing and joint venture operations and benefits. Actual events or results may differ materially from those statements as a result a many factors, including the company's ability to complete the joint venture investment and realize its benefits. For information about the factors that could cause such differences, please refer to our Annual Report on Form 10-K for the year ended December 31, 2017, including the information set forth under the caption "Risk Factors."
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