Market Updates
Whirlpool Forms Partnership with Turkish Company and Sells EMEA Business
Scott Peters
17 Jan, 2023
New York City
Whirlpool Corporation increased 2.2% to $157.70 in New York trading after the household equipment maker said it plans to sell its Europe, Middle East and Africa business and form a partnership with Turkey-based Arcelik AS.
Whirlpool will contribute its European domestic appliance business, and Arcelik will contribute its domestic appliance, consumer electronics, air conditioning, and small domestic appliance businesses into the newly formed entity.
Whirlpool will own 25% and Arcelik 75% of the newly formed company and Arcelik will retain full-ownership of its Turkish business.
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