Whirlpool to buy Indesit
USA: Domestic refrigeration manufacturer Whirlpool is to take a controlling interest in Italian rival Indesit.
Whirlpool will acquire shares representing a total of 66.8% of the voting stock of Indesit.
Commenting on the acquisition, Jeff M Fettig, chairman and ceo of Whirlpool, said “We believe this will ideally position us for sustainable growth in the highly competitive and increasingly global home appliance market in Europe.
“We expect this transaction will enable us to create a more efficient appliance company in Europe, with increased value through improved asset utilisation and complementary country positions, products, brands and distribution,” said Marc Bitzer, president of North America and EMEA for Whirlpool. “We foresee the acquisition strengthening and sustaining our European manufacturing, and enabling our products to be competitive and value-creating. European trade customers and consumers will benefit from the improved efficiency through our investments in innovation and technology leadership provided by the combined strength of Whirlpool and Indesit.”