Whirlpool enters into agreements to acquire majority interest in Indesit
Whirlpool Corp., Benton Harbor, Mich., and Fineldo S.p.A., Milan, Italy, have entered into a binding agreement for the sale of Fineldo's stake in Indesit Co. S.p.A. Whirlpool also entered into binding share purchase agreements with members of the Merloni family for their Indesit shares. Under these agreements, Whirlpool would acquire shares representing a total of 66.8 percent of the voting stock of Indesit. The acquisition of control of Indesit is subject to judicial and antitrust approvals and is expected to close by the end of 2014.
"We expect this transaction will enable us to create a more efficient appliance company in Europe, with increased value through improved asset utilization and complementary country positions, products, brands, and distribution," said Marc Bitzer, president of North America and Europe, Middle East, and Africa for Whirlpool.