Latest news with #WhirlpoolCorp
India.com
3 hours ago
- Business
- India.com
Mukesh Ambani's joins BIG race to acquire on of world's largest…, Reliance will compete with major players like…
Whirlpool Corp is likely to divest a 31% stake in its Indian arm over global restructuring after a $1.5 billion loss. Indian big players like Reliance Retail, Havells India, and buyout funds like EQT and Bain Capital are interested in this share, as reported by Economic Times. Whirlpool wants to raise $550-600 million. Reliance Retail and consumer appliances major Havells India will compete with other bulge-bracket buyout funds to acquire a controlling interest in Whirlpool of India. It is the locally listed firm of the Michigan-based company that was once the world's largest appliance maker by sales. Other financial sponsors EQT and Bain Capital are also shortlisted after the initial round of screening. Whirlpool Corp Divesting Plan Whirlpool Corp is looking to sell 31% stake in Whirlpool of India, which generates 85% of its Asia revenue. They will retain a 20% equity stake in the company. The equity in India is held through Whirlpool Mauritius Ltd. This exercise is part of a global reorganisation started by the company in 2022 in the US after its KitchenAid and Maytag products reported a $1.5 billion loss. It has already reshaped its global portfolio operations in other Asian markets and also in some parts of Europe. Whirlpool Corp is also trying to cut costs and its workforce. Why Is Whirlpool Corp Divesting? The company is also focusing on selling smaller home appliances like blenders and coffee makers. The company reportedly said it is keen to raise net cash proceeds of $550-600 million (Rs 4,684-5,110 crore) from the transaction. They will also give an open offer for an additional 26% stake from public shareholders of the company. If it is fully subscribed to, the incoming investor may own around 57% of the company.
Time of India
13 hours ago
- Business
- Time of India
Reliance & Havells enter PE party to snap up Whirlpool
Reliance Retail and the home-grown consumer appliances major Havells India would compete with several bulge-bracket buyout funds, multiple people told ET, to acquire a controlling interest in Whirlpool of India , the locally listed arm of the Michigan-based company that was once the world's largest appliance maker by sales. These two companies are competing with financial sponsors EQT and Bain Capital , who have also been shortlisted after the initial round of screening. TPG Capital is also among those initiating the due diligence, said the people mentioned above. Whirlpool Corp is looking to sell 31% stake in Whirlpool of India , which generates 85% of its Asia revenue, while retaining a 20% equity stake in the company. The equity in India is held through Whirlpool Mauritius Ltd. The monetisation exercise is part of a global reorganisation initiated at the end of 2022 when the company, synonymous in the US with its namesake brand as well as KitchenAid and Maytag products, posted a $1.5 billion loss. Live Events It has already reshaped its global portfolio pruning operations in key Asian markets and in pockets of Europe. Whirlpool Corp has also heightened efforts to cut costs and its workforce. The company is simultaneously focusing on selling smaller home appliances like blenders and coffee makers — to overhaul its more than century-old business — as consumers pull back on large purchases. The company said it is keen to raise net cash proceeds of $550-600 million (Rs 4,684-5,110 crore) from the transaction. A formal stake-sale process was launched in April by the company's advisor Goldman Sachs. The change of control transaction will also trigger an open offer for an additional 26% stake from public shareholders of the company. If fully subscribed to, the incoming investor could end up owning 57% of the company. Public shareholders own 49% of the company. ET in its edition dated April 29 had reported PE funds like Bain, Carlyle, KKR among others were evaluating the opportunity. The high valuations have seen some interest taper, added people in the know. Open Market Deal Last February, the parent sold a 24.7% stake in its Indian arm through block deals worth Rs 4,039 crore. The buyers had included five mutual funds such as SBI Mutual Fund and Aditya Birla Sunlife Mutual Fund, and one foreign institutional investor--Societe Generale. After the parent announced the decision to reduce its holding to a minority stake on January 30, the stock price in India fell to a 52-week low of Rs 899 on March 3 from the highs of Rs 1,577 on January 29. It closed at Rs 1,329/a piece on Thursday, down almost 3% from previous day's closing with a market capitalisation of Rs 16,861 crore. At current value, a 57% stake would translate to a Rs 9,610 crore ($1.13 billion) acquisition. Emails sent to Whirlpool Corp, Reliance Retail and Havells remained unanswered until the publication of this report. TPG, Bain, EQT declined to comment. Hot & Cold 'There are concerns around the low-margin business of Whirlpool India, which has a dominant play only in entry-level products and has missed the premium play, unlike competitors such as LG, Samsung or Haier,' said an industry executive who is part of the deal negotiations. Analysts believe if the US parent is not happy with the final offers on the table, it may once again divest through the open market route. Another bone of contention is believed to be the royalty payout to the parent in future. 'It's a low margin business and if the parent insists on hiking royalty then the pressures will be far more,' said one of the contenders who had evaluated the opportunity but chose not to pursue. Reliance, he added, wants a stronger brand play in consumer electronics after it found some success with its licensed labels BPL and Kelvinator to mirror its FMCG strategy where Campa Cola is giving stiff competition in the beverage segment. Reconnect and Wyzr, electronic brands that Reliance founded, have met with limited success. Among the first MNC electronic brands to enter India in late 1980s, Whirlpool hasn't been able to scale up as much as rivals LG, Samsung and Haier, which entered much later, or even homegrown brands such as Voltas and Godrej. Strategic Choice Industry players believe Whirlpool still has a sizable brand equity, factories and good presence in smaller cities and towns through distributors. Like Reliance, Havells, too, wants a larger play in appliances such as refrigerators and washing machines which it is yet to achieve with its Lloyd brand. Lloyd is more popular in air-conditioners, where it is among the top four. The Whirlpool brand will add heft to the Havells portfolio. The Noida-based company enjoys leadership position in electrical goods such as wires, switches, and is a leading brand in fans and small appliances. Reliance, TPG and Bain have all evaluated buying into the India business of Haier India where its Chinese parent is looking to significantly bring down its ownership to make it into a local company as diplomatic relations between the two countries continue to remain strained. However, all of them had backed out following massive differences in valuations. Whirlpool Corp's chief financial and administrative officer James W Peters had told analysts last month that the India transaction has 'generated significant interest from large third-party investors'. He said the company expects cash generated by the transaction in the second half of 2025. The parent intends to repay or refinance debt with this money as it had done the last time. The US parent had said the reduction of its shareholding will result in 'increased autonomy' at the Indian unit, allow it to focus on accelerated growth, and utilise its well-funded business to invest further.
Bloomberg
09-06-2025
- Business
- Bloomberg
Whirlpool Plans to Sell $1.2 Billion of Bonds After Cut to Junk
By and Natalie Harrison Save Whirlpool Corp. is looking to raise $1.2 billion to refinance debt, in its first bond sale since being downgraded to junk. The company plans to sell dollar-denominated senior unsecured notes in two tranches, with maturities in 2030 and 2033, according to a person with knowledge of the matter. The size of each portion of the debt sale is yet to be determined, said the person, who asked not to be identified discussing a private transaction.
Yahoo
30-04-2025
- Business
- Yahoo
Whirlpool Foundation and The Washing Machine Project Win Best Employee Engagement Initiative at the 2025 Engage for Good Halo Awards
Whirlpool Foundation and The Washing Machine Project won the gold award for Best Employee Engagement Initiative at the 2025 Engage for Good Halo Awards. NORTHAMPTON, MA / / April 30, 2025 / Whirlpool Foundation and The Washing Machine Project's winning employee engagement program exposed Whirlpool Corp. employees to the global washing divide and created an opportunity to help address it. Sixty percent of the world's population relies on washing clothes by hand, largely due to lack of access to reliable electricity and water. This unpaid labor disproportionately impacts women and girls. In 2024, Whirlpool Corp. employees participated in "Washout" events, hand washing clothes and helping them understand how the majority of the global population does laundry. Employees also volunteered to assemble manual washing machines for The Washing Machine Project. "We are so humbled and grateful to receive this Halo Award. I'd like to thank Whirlpool Foundation for supporting this work and our employees who generously volunteered their time and talents on this initiative. Together, we hope to reclaim time and improve the lives of women and girls worldwide and open up new opportunities for them." "We are so humbled and grateful to receive this Halo Award," said Rosa Skinner, senior manager of global CSR and community relations for Whirlpool Corporation. "I'd like to thank Whirlpool Foundation for supporting this work and our employees who generously volunteered their time and talents on this initiative," said Skinner. "Together, we hope to reclaim time and improve the lives of women and girls worldwide and open up new opportunities for them." Whirlpool Foundation formally announced its support of The Washing Machine Project in April 2024. In the past year, hundreds of employees engaged in "Washout" experiences in global offices, and more than 300 employees assembled 375 manual washing machines, which were distributed to underserved communities in India, Mexico, Republic of Congo and Ghana. "This unique engagement program helps Whirlpool employees better understand the daily challenges of those who hand wash clothes," said Navjot Sawhney, founder of The Washing Machine Project. "We exist to alleviate the burden of hand washing clothes, which can be life-changing. With the support of Whirlpool Foundation and Whirlpool volunteers, we were able to build more manual washing machines to impact more lives." The Halo Awards are considered the highest honor of recognition for outstanding corporate and nonprofit partnerships in categories including employee engagement, mental health, education, DEI, and service. Engage for Good is a leading organization that empowers corporate and nonprofit professionals to create mutually beneficial partnerships. Additional nominees at this year's 23rd annual awards included Mercedes-Benz USA, Edward Jones and Rare Beauty. You can find more information about the Halo Awards at About Whirlpool Corporation Whirlpool Corporation (NYSE:WHR) is a leading home appliance company, in constant pursuit of improving life at home. As the last-remaining major U.S.-based manufacturer of kitchen and laundry appliances, the company is driving meaningful innovation to meet the evolving needs of consumers through its iconic brand portfolio, including Whirlpool, KitchenAid, JennAir, Maytag, Amana,Brastemp, Consul, and InSinkErator. In 2024, the company reported approximately $17 billion in annual sales - close to 90% of which were in the Americas - 44,000 employees, and 40 manufacturing and technology research centers. Additional information about the company can be found at View original content here. View additional multimedia and more ESG storytelling from Whirlpool on Contact Info:Spokesperson: WhirlpoolWebsite: info@ SOURCE: Whirlpool View the original press release on ACCESS Newswire Sign in to access your portfolio
Associated Press
17-02-2025
- Business
- Associated Press
Benton Harbor High School's Jobs for Michigan's Graduates Students Get Hands-On Experience With Whirlpool Corp. Mentors
Recently, Mosaic CCDA welcomed Whirlpool Corp. mentors and students from Benton Harbor High School's Jobs for Michigan's Graduates (JMG) program powered by Youth Solutions, Inc. for a morning of hands-on experience in project management, retail merchandising, sales and customer service. During the career exploration experience, students learned about community resources and even helped with the Whirlpool Corp. Feel Good Fridge initiative to fight food insecurity! About Whirlpool Corporation Whirlpool Corporation (NYSE: WHR) is a leading home appliance company, in constant pursuit of improving life at home. As the last-remaining major U.S.-based manufacturer of kitchen and laundry appliances, the company is driving meaningful innovation to meet the evolving needs of consumers through its iconic brand portfolio, including Whirlpool, KitchenAid, JennAir, Maytag, Amana, Brastemp, Consul, and InSinkErator. In 2024, the company reported approximately $17 billion in annual sales - close to 90% of which were in the Americas - 44,000 employees, and 40 manufacturing and technology research centers. Additional information about the company can be found at
